Air Canada Conference Call Summary Company Overview - **Company**: Air Canada (OTCPK: ACDV.F) - **Date of Conference**: March 17, 2026 Key Points Industry and Market Trends - **Demand Resilience**: Air Canada has observed strong demand trends, echoing sentiments from other U.S. airlines regarding resilience despite elevated fuel prices [11][12][14] - **Fuel Costs**: Fuel constitutes approximately 20-25% of Air Canada's overall cost structure. The company has implemented price increases and hedging strategies to manage fuel costs effectively [14][15] - **International Operations**: Air Canada has a robust international franchise, with fuel surcharge mechanisms in place for European routes and ongoing adjustments in Asian markets [20][22] Financial Performance - **Quarterly Outlook**: The company expects a strong performance in Q1 and Q2, aided by hedging and efficient supply chain management [15][16] - **Corporate Travel Growth**: Corporate travel demand has increased significantly, particularly in transatlantic routes, with a reported 30% growth [116][118] - **Revenue from Premium Products**: Currently, approximately 28-29% of total revenue comes from premium products, with expectations to grow this figure into the 30s over the next five years [122][124] Strategic Initiatives - **Fleet Management**: Air Canada is focusing on a diverse fleet strategy, including long-range aircraft and the A220, which are expected to enhance margins and return on investment [66][67] - **Loyalty Program Expansion**: The Aeroplan loyalty program has grown from 4 million to 10 million members since its acquisition in 2019, significantly enhancing its economic contribution [80][81] - **Corporate Demand Strategy**: The company is leveraging technology to attract small businesses into its corporate travel segment, enhancing overall revenue [125] Balance Sheet and Financial Health - **Debt Management**: Air Canada has $1.2 billion in low-coupon bonds maturing in August and plans to refinance or pay down this debt using strong free cash flow generation [146][147] - **Investment Grade Goals**: The company aims to achieve an investment-grade rating by 2028, focusing on structural free cash flow and margin improvements [151][152] Competitive Landscape - **Market Position**: Air Canada does not foresee traditional M&A consolidation in the Canadian airline market, emphasizing a competitive environment with existing carriers [155][156] - **Unique Advantages**: The company highlights its diversified revenue streams, efficient fleet, and strong loyalty program as key competitive advantages [160][162] Labor Relations - **Labor Force Stability**: Air Canada has successfully negotiated contracts with pilots and flight attendants, with ongoing discussions for other employee groups, aiming for stability in labor relations [142][144] Future Outlook - **Growth Potential**: The leadership team expresses confidence in Air Canada's future, citing strong demand indicators and a well-structured operational strategy [164][166] Additional Insights - **Technological Advancements**: The company is investing in technology to empower employees and improve operational efficiency [166] - **Cultural Shift**: Air Canada is undergoing a cultural change to enhance decision-making capabilities within its workforce [166]

Core Insights - Air Canada's Aeroplan program has transitioned to a revenue-based model, moving away from the previous distance-and-spending structure, which aligns with trends seen in major U.S. carriers [1][2][3] Summary by Sections Program Changes - The new Aeroplan program commenced on January 1, 2026, awarding points solely based on ticket spending and elite status, excluding taxes and fees from point calculations [3][4] - General members earn 1 Aeroplan point per CA$1 (approximately $0.72 USD) spent, while elite members earn at higher rates based on their status level [3][5] Elite Status and Earning Structure - Elite status is now determined by Status Qualifying Credits (SQCs), replacing the previous metrics of Status Qualifying Miles (SQMs), Segments (SQSs), and Dollars (SQDs) [3][7] - Members can earn up to 4 SQCs per CA$1 spent on certain fare types, with additional earning opportunities through co-branded credit card spending [4][6][7] Comparison of Earnings - The new system's impact on earnings varies significantly based on spending levels and elite status, with higher spenders benefiting more [9][10] - For example, a business class flight from Los Angeles to Bangkok costing CA$6,595 would yield different Aeroplan points based on elite status, with general members earning 5,494 points and Super Elite members earning 32,964 points [16][17] - Conversely, a round-trip economy flight from Montreal to Chicago costing CA$482 would yield 301 points for general members under the new system, compared to 748 points under the old system [18][19] Final Thoughts - The changes in the Aeroplan program present a mixed outcome; high-status members may find the new system advantageous, while low-status and no-status members may experience reduced earnings [25][26]

Table of Contents As filed with the U.S. Securities and Exchange Commission on September 23, 2025. Registration No. 333-279379 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 4 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (Translation of Registrant's name into English) United Mexican States (State or other jurisdiction of incorporation or organization) 4512 (Primary Standard Industrial Classification Code Number) Avenida Paseo de la Reforma 243, 2 ...

Table of Contents As filed with the U.S. Securities and Exchange Commission on December 6, 2024. Registration No. 333-279379 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 2 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Grupo Aeroméxico, S.A.B. de C.V. (Exact name of Registrant as specified in its charter) Aeromexico Group (Translation of Registrant's name into English) United Mexican States (State or other jurisdiction of incorporation or organiz ...