Transat A.t. Inc. · TSX:TRZ
Transat A.t — Q4 2025 Earnings Presentation
16 slides from Transat A.t's earnings presentation, Dec 18, 2025
Slide 1: Results for the fourth quarter ended October 31, 2025
Results for the fourth quarter ended October 31, 2025 Supplementary Disclosure
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain forward-looking statements with respect to the Corporation, The outlook whereby the Corporation will be able to meet its obligations with cash on hand, including those regarding its results, its financial position and its outlook for the
Slide 3: Non-IFRS Financial Measures
Non-IFRS Financial Measures We report our financial results in accordance with IFRS. This presentation was provision for return conditions, changes in market price of CORSIA Eligible prepared using results and financial information determined under IFRS. In addition Emissions Units (carbon credits),
Slide 4: General Overview FY2025 and Q4 2025
General Overview FY2025 and Q4 2025 4
Slide 5: Highlights FY2025
Highlights FY2025 $3.4B $271M Revenues Adjusted EBITDA1 $242M ($45M) Net Income Free Cash Flow 1 Annual revenues grew by 3.5% and Adjusted EBITDA1 reached an all-time high 1. Refer to Non-IFRS Financial Measures in the Appendix. 5
Slide 6: Operating Metrics
Operating Metrics ▪ Year marked by modest growth, ending with a Key Indicators for Q4 2025 +0.8% ASM1 increase ▪ Strategic capacity planning supported stronger Versus 2024 Global Network Transatlantic (Main Network) operating metrics and sustained momentum throughout the year Load - 0.2 pp - 0.1 pp
Slide 7: Capacity Increase and Fleet Overview
Capacity Increase and Fleet Overview ▪ Capacity growth in 2026 is projected to be at Fleet Overview 2 6-8% in ASMs1, driven by a higher operational fleet as fewer aircraft are grounded 2025 2026 ▪ No planned aircraft deliveries in 2026 Winter Summer Winter Summer ▪ Two leases are expected to end dur
Slide 8: Network Development
Network Development ▪ Focus on optimizing aircraft utilization through high- potential routes with low seasonality and strong VFR (visiting friends and relatives) demand ▪ Expansion across Africa, Europe, and South America supported by new destinations and strategic partnerships ▪ New non-stop route
Slide 9: Summary
Summary ▪ 2025 was a year of improved operating metrics, particularly yields, which supported revenue growth and highlights strong demand for Transat products ▪ Implemented the Elevation program, focused on optimizing costs and revenues and strengthening business fundamentals ahead of future growth
Slide 10: Financial Review Q4 2025
Financial Review Q4 2025 10
Slide 11: Financial Highlights
Financial Highlights ▪ Revenues increased by 1.5% year over year when excluding the unfavorable impact of the Pratt & Whitney compensation ($28M less compensation in Q4 2025) ▪ Growth achieved despite lower capacity and reflects solid demand for Transat’s offering ▪ Fourth-quarter EBITDA declined to
Slide 12: Q4 2025 Results
Q4 2025 Results ▪ Passenger revenue increased year over year despite lower capacity, driven by stronger yields Q4 2024 Q4 2025 ▪ Q4 yield up 2.6% year over year $789M ▪ Total revenue declined year over year due to the timing $772M of Pratt & Whitney compensation: ▪ $34M recognized in Q4 2024 (agreem
Slide 13: Financial Profile
Financial Profile ▪ Free cash flow1 was negative $194M, compared to negative $102M in Q4 2024 $400M ▪ In Q4 2024, entered into sale and leaseback transaction involving $384M 3 Pratt & Whitney GTF engines for a total of $92M $357M ▪ Capital expenditures remained stable year-over-year at $30M ▪ Quarte
Slide 14: Appendix
Appendix 14
Slide 15: Debt Breakdown
Debt Breakdown Accounting Policies Facility Maturity date Sources of capital Type of instruments Carrying Considerations Accounts Amount (Fiscal Year) Amount Revolving Credit Facility Bank facilities Long-term debt 50 50 2028 - Interest rate: CORRA plus a premium of 4.5%. (1st lien secured) Long-ter
Slide 16: Non-IFRS Financial Measures
Non-IFRS Financial Measures The non-IFRS measures, non-IFRS ratios, total of segment measures, capital measures and/or other financial measures used by the Corporation are as follows: ➢ Adjusted operating income (loss) or Adjusted EBITDA1: Operating income (loss) before depreciation, amortization an