Air Canada Reports Record Full Year Operating Revenues

Air Canada released its 4th quarter and full year 2023 financial results. The airline had very strong results, achieving record full year operating revenues of $21.833 billion, full year operating income of $2.279 billion, 2023 adjusted EBITDA of $3.982 billion, 2023 cash from operating activities of $4.320 billion and free cash flow of $2.76 billion. The company also reduced its leverage ratio to 1.1 as of December 31, 2023, down from 5.1 at year end 2022.

“For the full year, we had record operating revenues of $21.8 billion, up 32 per cent from 2022 as demand for air travel remained strong. Annual operating income was $2.3 billion, a $2.5 billion improvement from the previous year. Our adjusted EBITDA was nearly $4 billion, more than twice that of fully yer 2022. These results stem from the effective management, hard work and customer centric approach of everyone at Air Canada. I thank the entire team for their dedication as we safely transported more than 46 million passengers in 2023. The focus on operational improvement was evident as, even with the growth in traffic and ongoing supply chain

challenges, our key operational metrics and customer satisfaction improved year over year,” said Michael Rousseau, President and Chief Executive Officer of Air Canada.

We also took important steps during the year to enable ourselves to continue performing consistently as we remain firmly committed to our plan and to enhancing our level of customer service, improving our operational reliability, strategically adding to our key hubs and network and growing profitably. We strengthened our balance sheet, reduced our debt and, despite the continuing macroeconomic and structural cost pressures on our industry, our unit costs were contained within our adjusted CASM guidance. Additionally, we will continue to expand Aeroplan, a key driver of customer loyalty that has doubled its membership to eight million members over the last five years.