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Air Canada has announced its financial results for the fourth quarter and full year of 2022. The company experienced record passenger and operating revenues in the fourth quarter, with an 8.3% adjusted EBITDA margin, reaching $389 million, and for the full year, with an adjusted EBITDA of $1.457 billion, meeting the company’s full-year 2022 guidance. Air Canada attributes its success to solid demand and yield environments across its network and the dedication of its employees. The company’s positive financial performance validates its revenue diversification strategy, with revenue from premium cabins and Air Canada Cargo revenue increasing by 13% and 55%, respectively, compared to the fourth quarter of 2019. Air Canada Vacations ground package revenues also grew by 23%. Air Canada is building out its global network and continuing its narrow-body fleet renewal in anticipation of a solid demand environment in 2023.

Note: Adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss), adjusted pre-tax income (loss), free cash flow, leverage ratio, net debt, and return on invested capital mentioned in this report are non-GAAP financial measures. Refer to the “Non-GAAP Financial Measures” section of the news release for descriptions of these measures, and for a reconciliation of Air Canada’s non-GAAP measures used in this news release to the most comparable GAAP financial measure.