First U.S. Airline to Offer Disruption Assistance for Any Reason, in Partnership with HTS, Hopper’s B2B Division

DENVER – July 30, 2025 – Frontier Airlines (NASDAQ: ULCC) today announced a new customer-first travel flexibility benefit, Disruption Assistance for Any Reason, now available for purchase when booking on FlyFrontier.com. This industry-first product — powered by HTS, Hopper’s B2B division — further advances The New Frontier mission of delivering more choice and flexibility for travelers.

Through this new benefit, Frontier becomes the first U.S. airline to enable instant, automated solutions in the event of a qualifying disruption (typically a delay of 2+ hours or same-day cancellation). Customers who opt in receive automatic, proactive notifications and can self-serve with real-time options — including booking an alternate flight on any airline or opting for a 100% refund while choosing to stay on Frontier.

“This offering reflects our continued commitment to building The New Frontier—where travelers have more control, greater transparency, and added confidence every step of the way,” said Bobby Schroeter, Chief Commercial Officer at Frontier Airlines. “By providing smarter, faster solutions when plans change, we’re making flying easier and more customer-centric than ever before.”

Designed to transform high-stress moments into empowered ones, the program helps travelers stay in control while Frontier continues investing in innovations that elevate the total travel experience.

“Disruption Assistance for Any Reason helps convert travel uncertainty into loyalty, empowering customers with real-time choices when they matter most,” said Ella Alkalay Schriber, SVP & GM of Fintech at Hopper.

The benefit is currently available exclusively on FlyFrontier.com, with plans to expand to the Frontier mobile app soon. Customers are presented with the option to purchase during the booking process.

Porter Airlines Adopts APiJet’s Digital Winglets for Fuel and Time Savings

With Digital Winglets™ Porter saves 2-3 Percent of Fuel Per Optimized Flight and Improves On-time Performance Network-wide

Digital Winglets™ provides a powerful suite of tools that allow us to optimize flights in real-time for the most fuel-efficient routing, which improves on-time performance”

— Kent Woodside, executive vice president and COO at Porter AirlinesSEATTLE, WA, UNITED STATES, July 30, 2025 /EINPresswire.com/ — Porter Airlines, the fastest growing airline in Canada, and APiJET, the developer of the leading flight path optimization offering, Digital Winglets™, have announced the deployment of Digital Winglets™ across Porter Airlines’ North American fleet of Embraer E195-E2 aircraft.

Digital Winglets™ is a flight path optimization (FPO) solution that builds on NASA’s Traffic Aware Strategic Aircrew Requests (TASAR) technology. NASA’s TASAR, along with APiJET’s proprietary algorithms, mapping technologies and live aircraft state data solutions, enable air carriers worldwide to make deconflicted, route-specific flight optimization decisions to save fuel, improve schedule reliability and on-time performance, and reduce carbon emissions.

Porter Airlines operates the world’s largest fleet of Embraer E195-E2 aircraft, and the deployment of Digital Winglets™ will allow them to save 2-3% fuel and 1-2 minutes per optimized flight, while reducing delays network-wide.

“Digital Winglets™ provides a powerful suite of tools that allow us to optimize flights in real-time for the most fuel-efficient routing, which improves on-time performance and helps us deliver the elevated passenger experience that Porter is known for,” said Kent Woodside, executive vice president and COO at Porter Airlines. “The time and cost of introducing new technology across a fleet can be challenging. Deploying Digital Winglets™ was seamless, and APiJET provided a personal level of hands-on support throughout the process. Our continuing fleet expansion means that each new aircraft is seamlessly added to the platform immediately.”

“With Digital Winglets™, Porter can optimize to save fuel and reduce enroute time, improving schedule performance while achieving emissions reductions as well. Porter has a bold vision for expansion, and we are excited to work with them to further achieve their objectives for customer experience and efficiency,” said Rob Green, CEO of APiJET.

Digital Winglets™ is architected with a unique combination of online and ground-based technologies which allowed Porter to deploy it quickly and seamlessly into their fleet of 46 Embraer E195-E2, with no hardware or software to install. As Porter continues its planned expansion of up to 100 Embraer E195-E2s, the benefits of Digital Winglets™ will be immediately available with no additional work.

About Porter
Since 2006, Porter Airlines has been elevating the experience of economy air travel for every passenger, providing genuine hospitality with style, care and charm. Porter’s fleet of Embraer E195-E2 and De Havilland Dash 8-400 aircraft serves a North American network from Eastern Canada. Headquartered in Toronto, Porter is an Official 4 Star Airline^® in the World Airline Star Rating^®. Visit www.flyporter.com or follow @porterairlines on Instagram, Facebook and Twitter.

About APiJET
Based in Seattle, WA, APiJET is the aviation software company behind Digital Winglets™, the flight route optimization solution that provides real-time, conflict-free, alternative flight paths. Digital Winglets™ continuously analyzes flight telemetry, including aircraft performance, wind, restricted airspace, convective weather, turbulence, and conflicting traffic, recommending real-time, conflict-free vertical and lateral rerouting. Digital Winglets™ reduces fuel burn and flight time, accelerating sustainability goals.

• Multimodal service in partnership with The Landline Company links Kingston Norman Rogers Airport to Toronto Pearson International Airport
• Premium, Canadian built motorcoaches are fully accessible and offer spacious leather seats with power outlets, fast and free Wi-Fi
• Seamless connectivity with full itinerary protection, curb to curb service, Aeroplan point earning

MONTREAL, July 29, 2025 /CNW/ – Air Canada today announced the expansion of its multi-modal Landline service that will enable customers at Kingston Norman Rogers Airport to seamlessly connect with its global hub at Toronto Pearson International Airport. The new luxury motorcoach service, with features such as spacious leather seats and fast, free Wi-Fi, will begin operating September 23^rd with two return trips daily that are conveniently timed for connections to and from flights across Air Canada’s worldwide network.

“We are delighted to be reconnecting customers in Kingston and the surrounding region to our global network. This is a premier example of the new opportunities our growing partnership with The Landline Company unlocks. Customers travelling between Norman Rogers Airport and Toronto Pearson on Landline’s premium motorcoaches will enjoy the same benefits as those making air-only connections, including the convenience of a single itinerary and through-tagged baggage when departing Kingston, disruption protection, and Aeroplan earning opportunities,” said Ranbir Singh, Director, Regional Airlines and Markets, at Air Canada. 

“We’re thrilled to expand our partnership with Air Canada into Eastern Ontario,” said Nick Johnson, Vice President, Commercial at Landline. “This new Air Canada service allows Kingston travellers to seamlessly book one-stop journeys on aircanada.com from Kingston Airport (YGK) through Toronto Pearson to Vancouver, Calgary, Edmonton, Halifax, and hundreds of Air Canada destinations worldwide, just as they would with a traditional connecting regional flight.” 

“The return of Air Canada to Kingston marks a critical step forward in reconnecting our community to the global economy,” said Craig Desjardins, Director of Strategy, Innovation and Partnerships, at the City of Kingston. “Reliable, integrated transportation links like this are essential to supporting our tourism sector, enabling workforce mobility, and strengthening Kingston’s appeal as a destination for conferences, investment, and innovation. This partnership with Air Canada and Landline ensures that Kingston remains open, accessible, and competitive in a rapidly evolving economy.” 

How it works

Air Canada and The Landline Company have operated intermodal services since May 2024 between Toronto Pearson and John C. Munro Hamilton International Airport in Hamilton and Region of Waterloo International Airport. With today’s expansion, Landline will now also operate two, non-stop round trips daily to Toronto Pearson from Kingston Norman Rogers Airport in eastern Ontario. Air Canada customers beginning their journey at Kingston will check in as normal for their flight, have their bags tagged and obtain boarding passes for all segments of their trip. At a designated departure point at the Kingston airport, they will board a luxury, Air Canada-branded motorcoach and their checked baggage will be loaded. Upon arrival at Toronto Pearson, customers will proceed directly to self-service bag drop, and then through security. For launch, many motor coach segments can be booked at no added fee, compared to journeys originating at Toronto Pearson. Air Canada is also issuing a fee waiver for customers looking to add motorcoach segments to existing bookings. Customers can reach out to the Air Canada Contact Centre to take advantage of the waiver until December 31^st, 2025.

The new landline Kingston-Toronto service will commence operation on September 23^rd, 2025.

Number	Depart	Arrive	Frequency
AC2514	Kingston (YGK) 04:00	Toronto (YYZ) 06:50	Daily
AC2515	Toronto (YYZ) 08:10	Kingston (YGK) 11:05	Daily
AC2516	Kingston (YGK) 14:00	Toronto (YYZ) 17:30	Daily
AC2517	Toronto (YYZ) 19:10	Kingston (YGK) 22:05	Daily

In the event of coach or flight delays, customers travelling on Landline will be automatically offered the same protections as customers travelling on air-only itineraries. Members of Air Canada’s Aeroplan program will earn points for both ground and air segments, as on any normal connecting flight itinerary. For more information see www.aircanada.com/landline 

Premium motorcoaches

The motorcoaches used by Landline for Air Canada are made in Canada by Prevost, a manufacturer of touring coaches based in Sainte-Claire, Quebec. Each Landline motorcoach provides a premium experience, with 36 spacious, leather seats in a two-by-one configuration. The coaches are equipped with free Wi-Fi, power and a table tray available at each seat, generous overhead storage for carry-on baggage, and an onboard lavatory. Announcements will be made in both Official Languages and the coaches are fully accessible, including a power lift for customers requiring mobility aids.

Air Canada regional services 

Air Canada operates to 40 communities across Canada, including in partnership with regional carriers Jazz Aviation LP and PAL Airlines. Through its innovative partnership with Landline, Air Canada is extending its regional network to conveniently connect local airports directly to its global network. There is potential to further expand the partnership with Landline to connect with other regional airports in Canada at a future date.

About Air Canada

Air Canada is Canada’s largest airline, the country’s flag carrier and a founding member of Star Alliance, the world’s most comprehensive air transportation network. Air Canada provides scheduled service directly to more than 180 airports in Canada, the United States and Internationally on six continents. It holds a Four-Star ranking from Skytrax. Air Canada’s Aeroplan program is Canada’s premier travel loyalty program, where members can earn or redeem points on the world’s largest airline partner network of 45 airlines, plus through an extensive range of merchandise, hotel and car rental partners. Through Air Canada Vacations, it offers more travel choices than any other Canadian tour operator to hundreds of destinations worldwide, with a wide selection of hotels, flights, cruises, day tours, and car rentals. Its freight division, Air Canada Cargo, provides air freight lift and connectivity to hundreds of destinations across six continents using Air Canada’s passenger and freighter aircraft. Air Canada’s climate-related ambition includes a long-term aspirational goal of net-zero greenhouse gas emissions by 2050. For additional information, please see Air Canada’s TCFD disclosure. Air Canada shares are publicly traded on the TSX in Canada and the OTCQX in the US.

About The Landline Company

The biggest airlines in the world trust Landline to power their first and last mile connectivity. Landline’s industry-first platform allows airlines to leverage the seamlessness and affordability of ground transportation to add dynamic new routes to their network without sacrificing on quality or customer experience. Landline operates seamless multi-modal networks on behalf of Air Canada, American Airlines, and Sun Country Airlines. Landline is fundamentally reshaping the way every consumer thinks about the travel day by making air travel multi-modal. Visit landlineco.com for more information. 

Onboard service debuts with ‘Off the Grid’ coffee blend

EMERYVILLE, Calif., July 30, 2025 /PRNewswire/ — Peet’s Coffee®, the original craft coffee roaster announced a new partnership with Southwest Airlines Co.® (NYSE: LUV), as the official coffee provider on all Southwest® flights. This marks the first time Peet’s has teamed up with a major U.S. airline to serve its signature coffee inflight. Starting Aug. 13, Southwest customers can savor the boldness and quality of Peet’s coffee bars — on the ground and at 35,000 feet.

“This is a defining moment for Peet’s,” said Eric Lauterbach, President & CEO of Peet’s Coffee. “To be part of every Southwest flight means more than expanding our reach — it’s about creating memorable coffee moments in the skies. This partnership introduces the Peet’s experience to millions of new consumers as part of their daily ritual in a way that’s personal and meaningful. Most importantly, it brings the rich, bold flavor of Peet’s wherever their journey takes them.”

Apart from its dedicated cafes, Peet’s is available in 25 airports served by Southwest, including Denver (DEN), Houston (HOU), and Phoenix (PHX), where Southwest has some of its largest operations. Now, customers can enjoy a superior cup from terminal to takeoff.

“We are enhancing our inflight experience to better serve our customers,” said Tony Roach, Executive Vice President of Customer & Brand at Southwest Airlines. “A great cup of coffee goes a long way in creating a comfortable and enjoyable flight — and it’s just one part of our broader effort to elevate our customers’ journey with us.”

The featured coffee inflight debuts with Off the Grid™, a medium roast that was recently introduced and has quickly become a fan favorite. This blend features beans from Colombia and El Salvador, delivering a balanced yet complex flavor profile designed to satisfy a broad range of palates.

To celebrate this launch, Peet’s and Southwest will host an immersive, co-branded event at Peet’s East 8th Street location in Chicago on Aug. 15-16 during regular coffee bar hours. Timed to coincide with the city’s iconic Air and Water Show, the activation invites travelers and locals to experience the partnership through interactive elements, product sampling, and brand storytelling.

LAS VEGAS, July 28, 2025 /PRNewswire/ — Allegiant Travel Company (NASDAQ: ALGT) today announced seven new nonstop routes connecting 12 cities across the country, including a new destination: Fort Myers, Florida via Southwest Florida International Airport (RSW). To celebrate, the company is offering one-way fares on the new routes as low as $49.*

The new routes, launching this fall, will provide convenient, nonstop service between these cities and expand Allegiant’s growing presence in popular leisure destinations. As more travelers seek value-driven travel options, Allegiant remains dedicated to making dream vacations possible with budget-friendly fares and excellent customer service.

“This expansion reflects our commitment to connecting underserved communities with affordable, convenient travel options,” said Drew Wells, Allegiant’s chief commercial officer. “By adding Fort Myers and increasing service to multiple beach cities, we’re providing travelers nonstop access to sunny destinations, meaning they spend less time at the airport and more time on vacation.”

The new routes between Fort Myers, Florida via Southwest Florida International Airport (RSW) and the following cities include:

• Allentown, Pennsylvania via Lehigh Valley International Airport (ABE) beginning November 13, 2025 with one-way fares as low as $69.*
• Appleton, Wisconsin via Appleton International Airport (ATW) beginning November 21, 2025 with one-way fares as low as $69.*
• Des Moines, Iowa via Des Moines International Airport (DSM) beginning November 21, 2025 with one-way fares as low as $69.*

The new route between Sarasota/Bradenton, Florida via Sarasota Bradenton International Airport (SRQ) and Toledo, Ohio via Toledo Express Airport (TOL) begins November 20, 2025 with one-way fares as low as $59.*

The new route between Fort Lauderdale, Florida via Fort Lauderdale-Hollywood International Airport (FLL) and Fort Wayne, Indiana via Fort Wayne International Airport (FWA) begins November 20, 2025 with one-way fares as low as $59.*

The new route between New Orleans via Louis Armstrong New Orleans International Airport (MSY) and Punta Gorda, Florida via Punta Gorda Airport (PGD) begins November 21, 2025 with one-way fares as low as $49.*

The new route between Nashville, Tennessee via Nashville International Airport (BNA) and Gulf Shores, Alabama via Gulf Shores International Airport (GUF) begins November 21, 2025 with one-way fares as low as $49.*

A hallmark of Allegiant’s leisure-focused business model is its network of all-nonstop flights, making air travel more seamless and accessible. Passengers spend less time at the airport and more time enjoying their vacation.

Tickets for all newly announced routes are now available. Flight days, times and the lowest fares can be found at Allegiant.com.

*About the introductory one-way fares:
Seats and dates are limited and fares are not available on all flights. Flights must be purchased by July 30, 2025 for travel by Feb. 10, 2026. Prices displayed includes taxes, carrier charges & government fees. Fare rules, routes and schedules are subject to change without notice. Optional baggage charges and additional restrictions may apply. For more details, optional services and baggage fees, please visit Allegiant.com.

NEW YORK & CHICAGO–(BUSINESS WIRE)– JetBlue (NASDAQ: JBLU) and United (NASDAQ: UAL) today announced they have completed the U.S. Department of Transportation (DOT) review of their Blue Sky collaboration and are able to proceed to implementation.

JetBlue and United appreciate Secretary Duffy, Assistant Secretary Edwards, and the entire team at the DOT for their review of Blue Sky. JetBlue and United will share more details in the coming weeks as implementation of the Blue Sky collaboration begins.

Blue Sky is a new and unique collaboration designed to give customers of both airlines even more options to find flights that fit their plans as well as new opportunities to earn and use MileagePlus^® miles and TrueBlue points across both airlines. Blue Sky will begin introducing new customer benefits starting this fall, rolling out in phases:

• United’s MileagePlus customers will be able to earn and use miles on most JetBlue flights. JetBlue’s TrueBlue members will be able to earn and use points for flights on United’s extensive domestic and international network.
• Through a traditional interline agreement, each airline will offer flights on one another’s website and app to make booking across the two airlines’ complementary networks simple and easy.
• The benefits of each airline’s loyalty program – priority boarding, complimentary access to preferred and extra legroom seats and same-day standby/switch – will be available when customers travel on the other airline’s aircraft.
• JetBlue will provide United access to slots at JFK International Airport for up to seven daily round-trip flights out of JFK Terminal 6 to begin as early as 2027. And, as part of a net-neutral exchange, JetBlue and United will exchange eight flight timings at Newark.
• United will move its website and mobile app’s ability to sell hotels, rental cars, cruises and travel insurance, on both a stand-alone and package basis, to new technology and services provided by JetBlue’s Paisly platform.

• Operating revenues of $5.632 billion, an increase of 2% versus last year.
• Operating income of $418 million with operating margin of 7.4% and adjusted EBITDA* of $909 million with adjusted EBITDA margin* of 16.1%.
• Premium revenues up 5% from the second quarter of 2024. 
• Cash flow from operating activities of $895 million and free cash flow* of $183 million.
• Completion of $500 million substantial issuer bid, with approximately 296 million total issued and outstanding shares at June 30 2025.
• Leverage ratio* of 1.4 at June 30, 2025.

MONTREAL, July 28, 2025 /CNW/ – Air Canada today reported its second quarter 2025 financial results.

“Air Canada’s second quarter 2025 results showcase the airline’s many strengths in the face of a challenging environment. We generated operating revenues exceeding $5.6 billion, up $113 million from the previous year. Operating income was $418 million, with an operating margin of 7.4%, and adjusted EBITDA was $909 million, with an adjusted EBITDA margin of 16.1%. Operationally, we had an excellent spring, leading all major North American carriers in on-time performance for both May and June, which corresponded with strong gains in customer service scores. We remained disciplined and consistent in executing on a long-term plan that is rooted in Air Canada’s proven commercial strategy, while navigating macroeconomic uncertainty and geopolitical tensions. We have strategically redirected capacity to high-demand markets and captured demand for premium services, leveraging the breadth and strength of our global network. Our results were further lifted by strong performances by Air Canada Cargo, Air Canada Vacations, and Aeroplan—each a key pillar of our diversified business,” said Michael Rousseau, President and Chief Executive Officer of Air Canada.

“Our distinctive product offerings and the unwavering dedication of our employees were recognized at the Skytrax World Airline Awards. We are proud to have been recognized as the Best Airline in North America and as the sole North American carrier ranked among the global top 20. Additionally, we have received additional accolades, including Best Cabin Crew in both Canada and North America. I extend my heartfelt thanks to our employees for their commitment to excellence and professionalism in safely transporting our 11.6 million customers this quarter with care and class.”

“A key pillar of our strategy is delivering value to our shareholders through effective capital allocation programs. Building on the successful reinstatement in 2024 of our normal course share purchase program, we completed a $500 million substantial issuer bid during the quarter, purchasing 26.6 million shares for cancellation. Since then, we have also fully repaid our convertible notes in cash upon maturity in July. As we look ahead, we are excited about our upcoming fleet additions and the opportunities they will unlock. Our confidence in our business outlook remains solid and we are reaffirming our financial guidance for the full year 2025.”

*Adjusted CASM, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), adjusted EBITDA margin, leverage ratio, net debt, adjusted pre-tax income (loss), adjusted net income (loss), adjusted earnings (loss) per share, 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. Leverage ratio of 1.0 at June 30, 2024. Adjusted EBITDA and operating income for the trailing 12-month periods ended June 30, 2025 were $3.515 billion and $1.096 billion, respectively ($3.718 billion and $1.971 billion, respectively for the trailing 12-month periods ended June 30, 2024).

Second Quarter 2025 Financial Results

• Operating revenues of $5.632 billion
• Operating expenses of $5.214 billion
• Operating income of $418 million with an operating margin of 7.4% and adjusted EBITDA of $909 million with an adjusted EBITDA margin of 16.1%
• Adjusted pre-tax income of $300 million
• Net income of $186 million and diluted earnings per share of $0.51
• Adjusted net income of $207 million and adjusted earnings per diluted share of $0.60
• Adjusted CASM* of 14.4 cents
• Net cash flows from operating activities of $895 million and free cash flow of $183 million

Outlook

For the third quarter of 2025, Air Canada plans to increase its ASM capacity between 3.25% and 3.75% from the same quarter in 2024.

For the full year 2025, Air Canada is reiterating its guidance previously provided on May 8, 2025 and updating certain major assumptions. Full year 2025 guidance is as follows:

Metric	2025 Guidance
Adjusted EBITDA	$3.2 billion to $3.6 billion
ASM capacity	1% to 3% increase versus 2024
Adjusted CASM	14.25 ¢ to 14.50 ¢
Free cash flow	Break even +/- $200 million

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 (previously $1.40) and that the price of jet fuel will average C$0.92 (previously C$0.88) per litre for the full year 2025.

Air Canada’s guidance constitutes forward-looking information within the meaning of applicable securities laws and is subject to important risks and uncertainties, including in relation to statements or actions by governments and uncertainty relating to the imposition of (or threats to impose) tariffs on Canadian exports or imports and their resulting impacts on the Canadian, North American and global economies and travel demand. Please see the discussion below under Caution Regarding Forward-looking Information. 

2028 Targets 

On December 17, 2024, Air Canada announced its long-term 2028 financial targets and 2030 aspirations described below:

Metric	2028 Targets	2030 Aspirations
Operating revenues	Approximately $30 billion	Exceed $30 billion
Adjusted EBITDA margin*	Greater than or equal to 17%	Between 18% and 20%
Net cash flows from operating activities as a percentage of adjusted EBITDA*	Approximately 90%	Approximately 90%
Additions to property, equipment and intangible assets as a percentage of operating revenues*	Lower than or equal to 12%	Lower than 12%
Free cash flow margin*	Approximately 5%	Approximately 5%
Return on invested capital*	Not provided	Greater than or equal to 12%
Fully diluted share count	Lower than 300 million shares	Lower than 300 million shares

*Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), adjusted EBITDA margin, net cash flows from operating activities as a percentage of adjusted EBITDA, additions to property, equipment and intangible assets as a percentage of operating revenues, free cash flow margin and return on invested capital 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.

The 2028 long-term targets and 2030 aspirations provided in this news release do not constitute guidance or outlook but rather are provided for the purpose of assisting the reader in measuring progress toward Air Canada’s objectives. The reader is cautioned that using this information for other purposes may be inappropriate. Air Canada may review and revise these targets and aspirations including as economic, geopolitical, market and regulatory environments change. These targets and aspirations are used as goals as Air Canada executes on its strategic priorities, and they assume a normal business environment. Air Canada’s ability to achieve these targets and aspirations is also dependent on its success in achieving initiatives and business objectives that are described in Air Canada’s 2024 Investor Day presentations, which are available at aircanada.com/investors, including those relating to increasing revenues, growing fleet and network capacity, and successfully executing on other key investments and initiatives, as well as other major assumptions, including those described in this news release, and are subject to a number of risks and uncertainties.

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, adjusted EBITDA, adjusted EBITDA margin, adjusted pre-tax income (loss) and adjusted net income (loss) as it may distort the analysis of certain business trends and render comparative analysis across periods or to other airlines less meaningful.

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 June 30, 2025, and at June 30, 2024. 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)	Second Quarter						First Six Months
	2025		2024		Change		2025		2024		Change
Operating expense – GAAP	$	5,214	$	5,053	$	161	$	10,518	$	10,268	$	250
Adjusted for:
Aircraft fuel		(1,148)		(1,333)		185		(2,334)		(2,587)		253
Ground package costs		(157)		(137)		(20)		(530)		(472)		(58)
Freighter costs (excluding fuel)		(42)		(38)		(4)		(84)		(73)		(11)
Operating expense, adjusted for the above-noted items	$	3,867	$	3,545	$	322		7,570		7,136		434
ASMs (millions)		26,860		26,203		2.5 %		51,100		50,540		1.1 %
Adjusted CASM (cents)	¢	14.40	¢	13.53	¢	0.87	¢	14.81	¢	14.12	¢	0.69

(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 and Adjusted EBITDA Margin

Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and impairment) and adjusted EBITDA margin (adjusted EBITDA as a percentage of operating revenues) are commonly used in the airline industry and are used by Air Canada as a means to view operating results and the related margin 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 and adjusted EBITDA margin are reconciled to GAAP operating income (loss) as follows:

	Second Quarter						First Six Months
(Canadian dollars in millions, except where indicated)	2025		2024		Change		2025		2024		Change
Operating income – GAAP	$	418	$	466	$	(48)	$	310	$	477	$	(167)
Add back:
Depreciation, amortization and impairment		491		448		43		986		890		96
Adjusted EBITDA	$	909	$	914	$	(5)	$	1,296	$	1,367	$	(71)
Operating revenues	$	5,632	$	5,519	$	113	$	10,828	$	10,745	$	83
Operating margin (%)		7.4		8.4		(1.0) pp		2.9		4.4		(1.5) pp
Adjusted EBITDA margin (%)		16.1		16.6		(0.5) pp		12.0		12.7		(0.7) pp

Adjusted Pre-tax Income (Loss)

Adjusted pre-tax income (loss) is used by Air Canada to assess the overall pre-tax financial performance of its business without the effects of foreign exchange gains or losses, net interest relating to employee benefits, gains or losses on financial instruments recorded at fair value, gains or losses on sale and leaseback of assets, gains or losses on disposal of assets, gains or losses on debt settlements and modifications and other items discussed above. These items may distort the analysis of certain business trends and render comparative analysis across periods or to other airlines less meaningful.

A corporate charge for the settlement of tax matters related to the 2019 acquisition of Aeroplan was recorded in the second quarter of 2025. As this item is non-recurring and cash-neutral to Air Canada, since it recorded a related tax refund, it has been excluded from adjusted pre-tax income.

Adjusted pre-tax income is reconciled to GAAP income (loss) before income taxes as follows:

	Second Quarter						First Six Months
	2025		2024		Change		2025		2024		Change
Income (loss) before income taxes – GAAP	$	103	$	404	$	(301)	$	(64)	$	339	$	(403)
Adjusted for:
Foreign exchange (gain) loss		190		2		188		201		(57)		258
Net interest relating to employee benefits		(5)		(6)		1		(10)		(11)		1
Gain on financial instruments recorded at fair value		(6)		(29)		23		(60)		(40)		(20)
Loss on debt settlements		–		–		–		–		46		(46)
Other corporate expenses		18		–		18		18		–		18
Adjusted pre-tax income	$	300	$	371	$	(71)	$	85	$	277	$	(192)

Adjusted Net Income (Loss) and Adjusted Earnings (Loss) Per Share – Diluted

Air Canada uses adjusted net income (loss) and adjusted earnings (loss) per share – diluted as a means to assess the overall financial performance of its business without the after-tax effects of foreign exchange gains or losses, net financing expense relating to employee benefits, gains or losses on financial instruments recorded at fair value, gains or losses on sale and leaseback of assets, gains or losses on debt settlements and modifications, gains or losses on disposal of assets and other items discussed above. These items may distort the analysis of certain business trends and render comparative analysis to other airlines less meaningful.

A corporate charge for the settlement of tax matters related to the 2019 acquisition of Aeroplan was recorded in the second quarter of 2025. As this item is non-recurring and cash-neutral to Air Canada, since it recorded a related tax refund, it has been excluded from adjusted net income.

Adjusted net income and adjusted earnings  per share are reconciled to GAAP net income as follows:

	Second Quarter						First Six Months
	2025		2024		Change		2025		2024		Change
Net income – GAAP	$	186	$	410	$	(224)	$	84	$	329	$	(245)
Adjusted for:
Foreign exchange (gain) loss		190		2		188		201		(57)		258
Net interest relating to employee benefits		(5)		(6)		1		(10)		(11)		1
Gain on financial instruments recorded at fair value		(6)		(29)		23		(60)		(40)		(20)
Loss on debt settlements		–		–		–		–		46		(46)
Other corporate expenses		18		–		18		18		–		18
Income tax, including for the above reconciling items		(176)		(8)		(168)		(176)		6		(182)
Adjusted net income	$	207	$	369	$	(162)	$	57	$	273	$	(216)
Weighted average number of outstanding shares used in computing diluted income per share (in millions)		341		376		(35)		344		376		(32)
Adjusted earnings (loss) per share – diluted	$	0.60	$	0.98	$	(0.38)	$	0.16	$	0.73	$	(0.57)

The table below reflects the share amounts used in the computation of basic and diluted earnings per share on an adjusted earnings per share basis:

(In millions)	Second Quarter		First Six Months
	2025	2024	2025	2024
Weighted average number of shares outstanding – basic	323	358	326	358
Effect of dilution	18	18	18	18
Weighted average number of shares outstanding – diluted	341	376	344	376

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.

	Second Quarter						First Six Months
(Canadian dollars in millions)	2025		2024		$ Change		2025		2024		$ Change
Net cash flows from operating activities	$	895	$	924	$	(29)	$	2,421	$	2,516	$	(95)
Additions to property, equipment, and intangible assets		(712)		(473)		(239)		(1,407)		(1,009)		(398)
Free cash flow (1)	$	183	$	451	$	(268)	$	1,014	$	1,507	$	(493)

Net Debt

Net debt is a capital management measure and a key component of the capital managed by Air Canada and provides management with a measure of its net indebtedness.

Net Debt to Trailing 12-Month Adjusted EBITDA (Leverage Ratio)

Net debt to trailing 12-month adjusted EBITDA ratio (also referred to as “leverage ratio”) is commonly used in the airline industry and is used by Air Canada as a means to measure financial leverage. Leverage ratio is calculated by dividing net debt by trailing 12-month adjusted EBITDA.

The table below reconciles leverage ratio to Air Canada’s net debt balances as at the dates indicated.

(Canadian dollars in millions)	June 30, 2025		December 31, 2024		June 30, 2024
Total long-term debt and lease liabilities	$	10,247	$	10,915	$	10,858
Current portion of long-term debt and lease liabilities		1,547		1,755		1,619
Total long-term debt and lease liabilities (including current portion)		11,794		12,670		12,477
Less cash, cash equivalents and short- and long-term investments		(7,037)		(7,752)		(8,869)
Net debt	$	4,757	$	4,918	$	3,608
Adjusted EBITDA (trailing 12 months)	$	3,515		3,586	$	3,718
Net debt to adjusted EBITDA ratio		1.4		1.4		1.0

The tables below present comparative figures for the twelve-month periods ending December 31, 2023 and 2024, in reference to Air Canada’s full-year 2025 guidance, 2028 financial targets, and 2030 aspirations.

(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

(Canadian dollars in millions, except where indicated)	20241	20231
Operating revenues	$22.255 billion	$21.833 billion
Adjusted EBITDA margin	16 %	18 %
Operating margin	6 %	10 %
Net cash flows from operating activities as a percentage of adjusted EBITDA	110 %	108 %
Additions to property, equipment and intangible assets as a percentage of operating revenues	12 %	7 %
Free cash flow margin	6 %	13 %
Return on invested capital	14 %	18 %
Income before income taxes	$515 million	$2.212 billion
Fully diluted share count	Approximately 376 million shares	Approximately 376 million shares

1Percentage amounts in the table above may not calculate exactly due to rounding.

The 2028 long-term targets and 2030 aspirations provided in this news release do not constitute guidance or outlook but rather are provided for the purpose of assisting the reader in measuring progress toward Air Canada’s objectives. The reader is cautioned that using this information for other purposes may be inappropriate. Air Canada may review and revise these targets and aspirations including as economic, geopolitical, market and regulatory environments change. These targets and aspirations are used as goals as Air Canada executes on its strategic priorities, and they assume a normal business environment. Air Canada’s ability to achieve these targets and aspirations is also dependent on its success in achieving initiatives and business objectives that are described in Air Canada’s 2024 Investor Day presentations, which are available at aircanada.com/investors, including those relating to increasing revenues, growing fleet and network capacity, and successfully executing on other key investments and initiatives, as well as other major assumptions, including those described in this news release, and are subject to a number of risks and uncertainties.

Net cash flows from operating activities as a percentage of adjusted EBITDA

Air Canada uses net cash flows from operating activities as a percentage of adjusted EBITDA to measure cash conversion from adjusted EBITDA. This measure is defined as the ratio of net cash flows from operating activities to adjusted EBITDA.

Additions to property, equipment and intangible assets as a percentage of operating revenues

Air Canada uses additions to property, equipment and intangible assets as a percentage of operating revenues to measure the proportion of operating revenues that are reinvested as capital expenditures. This measure is defined as the ratio of additions to property, equipment and intangible assets to operating revenues.

Free cash flow margin

Air Canada uses free cash flow margin to measure the amount its free cash flow represents as a percentage of operating revenues. This measure is defined as the ratio of free cash flow to operating revenues.

The table below presents the quantitative reconciliation for adjusted EBITDA, adjusted EBITDA margin, net cash flows from operating activities as a percentage of adjusted EBITDA, additions to property, equipment and intangible assets as a percentage of operating revenues, free cash flow and free cash flow margin, in each case for the financial years ended December 31, 2024 and 2023.

(in millions, except where indicated)	2024		2023
Total operating revenues – GAAP	$	22,255	$	21,833
Operating income – GAAP	$	1,263	$	2,279
Add back:
Depreciation and amortization		1,799		1,703
EBITDA		3,062		3,982
Add back:
Provision for contractual lease obligations		34		–
Pension plan amendments		490		–
Adjusted EBITDA	$	3,586	$	3,982
Net cash flows from operating activities	$	3,930	$	4,320
Additions to property, equipment and intangible assets		(2,636)		(1,564)
Free cash flow	$	1,294	$	2,756
Operating margin		6 %		10 %
Adjusted EBITDA margin		16 %		18 %
Net cash flows from operating activities as a percentage of adjusted EBITDA		110 %		108 %
Additions to property, equipment and intangible assets as a percentage of operating revenues		12 %		7 %
Free cash flow margin		6 %		13 %

Return on invested capital

Air Canada uses return on invested capital (ROIC) to assess the efficiency with which it allocates its capital to generate returns. ROIC is calculated as the ratio of adjusted pre-tax income (loss), excluding interest expense, to invested capital. Invested capital includes average year-over-year long-term debt and lease obligations, average year-over-year shareholders’ equity, and the embedded derivative on Air Canada’s convertible notes. In 2020, Air Canada issued convertible unsecured notes. Air Canada had the option to deliver cash or a combination of cash and shares on the conversion date in lieu of shares, giving rise to an embedded derivative that was included as part of the definition of capital. Air Canada calculates invested capital on a book value-based method when calculating ROIC.

Return on invested capital is reconciled to GAAP income (loss) before income taxes as follows:

(in millions, except where indicated)	2024		2023
Income before income taxes – GAAP	$	515	$	2,212
Adjusted for:
Provision for contractual lease obligations		34		–
Pension plan amendments		490		–
Foreign exchange (gain) loss		400		(389)
Net interest relating to employee benefits		(22)		(25)
(Gain) on financial instruments recorded at fair value		(28)		(115)
Loss on debt settlements and modifications		8		10
Adjusted pre-tax income	$	1,397	$	1,693
Add back:
Interest expense		763		944
Adjusted pre-tax income before interest expense	$	2,160	$	2,637
Invested capital:
Average long-term debt and lease liabilities (including current portion)		13,266		15,084
Embedded derivative on convertible notes		45		56
Average shareholders’ equity (deficiency)		1,592		(380)
Invested capital	$	14,903	$	14,761
Return on invested capital (%)		14 %		18 %

Second Quarter 2025 Conference Call

Air Canada will host its quarterly analysts’ call on Tuesday, July 29, 2025, at 8:00 a.m. ET. Michael Rousseau, President and Chief Executive Officer, John Di Bert, Executive Vice President and Chief Financial Officer, and Mark Galardo, Executive Vice President and Chief Commercial Officer and President, Cargo, will present the results and be available for analysts’ questions. Immediately following the analysts’ Q&A session, Mr. Di Bert and Pierre Houle, Vice President and Treasurer, will be available to answer questions from term loan B lenders and holders of Air Canada bonds.

Media and the public may access this call on a listen-in basis. Details are as follows:

Webcast:	https://edge.media-server.com/mmc/p/k3xfbttp
By telephone:	647-932-3411 or 1-800-715-9871 (toll-free)
	Conference ID 4600266
	Please allow 10 minutes to be connected to the conference call.

---

• Airline will begin its new seating and boarding process January 27, 2026 
• Seat maps on Southwest.com allow Customers to choose the seat they prefer

DALLAS, July 29, 2025 /PRNewswire/ — Southwest Airlines Co. (NYSE: LUV) Customers have more choice from booking to arrival beginning today with assigned and premium seating available for purchase at Southwest.com^®. In addition, the airline’s previously announced service to St. Thomas, United States Virgin Islands is now on sale.

The Choice is Yours

All tickets purchased for travel starting Jan. 27, 2026, will feature assigned seating.  Moreover, Southwest Airlines^® Customers can choose their preferred fare bundle, including the opportunity to purchase assigned and premium seating and select a seat at booking. Customers connecting into the Southwest^® network from transoceanic journeys with airline partners, currently Icelandair and China Airlines, will be able to select seats for all flights in their itineraries. Flights operating until Jan. 27, 2026, will continue with open seating.

See You in St. Thomas

St. Thomas, USVI – the first of three new destinations Southwest plans to announce this summer – is now available for booking at Southwest.com for year-round trips. The first daily roundtrip flight between St. Thomas and Orlando is scheduled for Feb. 5, 2026. Peak-day service to and from Baltimore/Washington is slated to begin Feb. 7, 2026.

Southwest will volunteer its next new destination when its schedule is extended in August.

Seeking the Sun

Southwest’s schedule is available for booking through March 4, 2026, and the airline is giving Customers many sunny locales to choose from during the coldest months. Seasonal service on numerous routes connecting the northeast and Florida is set to return, as is service connecting the upper Midwest to Phoenix and Palm Springs, Calif. Customers in four locations looking to beat the Spring Break crowds at Orlando’s theme parks are in luck–the airline is returning seasonal service between Orlando and Boston, Portland, Maine, Salt Lake City, and Tulsa, Oklahoma.

Updated agreement modernizes ONT’s financial foundation and strengthens airline partnerships

ONTARIO, Calif., July 28, 2025 /PRNewswire/ — Southern California’s Ontario International Airport (ONT) is poised for continued growth and long-term sustainability following approval of a new Use and Lease Agreement (ULA) by the Ontario International Airport Authority (OIAA) Board of Commissioners.

The 132-page agreement replaces a version adopted in 1999, when ONT was under the ownership of Los Angeles World Airports. The updated ULA reflects ONT’s growth as a dynamic, independent aviation gateway and outlines the framework for airline rates, charges, and operational responsibilities at the airport.

“This agreement represents years of work and thoughtful negotiation, and we’re proud of the result,” said Alan D. Wapner, President of the OIAA Board of Commissioners. “It gives our airport a solid financial framework to continue its remarkable growth while preserving the collaborative spirit that has made ONT a success story in Southern California aviation.”

The new ULA provides greater transparency in how funds are used at ONT and locks in 75% of ground transportation revenue for participating airlines. For OIAA, it allows added flexibility to advance needed capital projects in a timely and cost-effective manner.

Negotiated over the past years with significant input from airline stakeholders, the agreement balances financial sustainability with mutual growth and investment.

“This agreement is more than just a contract, it’s a reflection of the strong partnerships we’ve built with our airline partners and our shared commitment to grow together in a way that benefits our travelers, our region, and our industry,” said Atif Elkadi, Chief Executive Officer of the OIAA. “It also speaks to the financial stewardship behind the scenes and our CFO, Celeste Heinonen was instrumental in ensuring this deal brought clarity, flexibility, and long-term value as we continue delivering a world-class airport experience.”

The agreement takes effect immediately.

“It’s a win for our partners, our passengers and the communities we serve,” Wapner said.

About Ontario International Airport
Ontario International Airport (ONT) is California’s most popular mid-sized airport, according to J.D. Power’s most recent North America Airport Satisfaction Study. Located in the Inland Empire, ONT is approximately 35 miles east of downtown Los Angeles in the center of Southern California. It is a full-service airport which offers nonstop commercial jet service to two dozen major airports in the U.S., Mexico, Central America and Taiwan. More information is available at www.flyOntario.com. Follow @flyONT on Facebook, X (formerly Twitter) and Instagram.

About the Ontario International Airport Authority (OIAA)
The OIAA was formed in August 2012 by a Joint Powers Agreement between the City of Ontario and the County of San Bernardino to provide overall direction for the management, operations, development and marketing of ONT for the benefit of the Southern California economy and the residents of the airport’s four-county catchment area. OIAA leaders include Ontario Mayor pro Tem Alan D. Wapner (President), San Bernardino County Supervisor Curt Hagman (Vice President), Ontario City Council Member Jim W. Bowman (Secretary), Retired Riverside Mayor Ronald O. Loveridge (Treasurer) and retired business executive Julia Gouw (Commissioner).

Copyright Photo: Southwest Airlines Boeing 737-7H4 WL N728SW (msn 27860) SNA (Michael B. Ing). Image: 954359.