丰业银行：Air Canada利润和自由现金流预期超出预期

Core Viewpoint - Scotiabank reports that Air Canada's fourth-quarter performance exceeded expectations due to stronger-than-expected demand trends in passenger and cargo operations [1] Group 1: Financial Performance - Air Canada's EBITDA and free cash flow expectations for 2026 also surpassed forecasts, indicating robust financial health [1] - The free cash flow outlook includes $1 billion from sale-leaseback proceeds, while the analyst's assumption was $600 million, suggesting a more conservative market expectation [1] - After adjusting for this difference, the free cash flow forecast remains $160 million higher than the analyst's expectations, attributed to resilient demand and cost control measures [1] Group 2: Capital Expenditure - Air Canada has lowered its 2026 capital expenditure forecast by $200 million, reflecting a strategic adjustment in spending [1]