Core Insights - Air Canada's Aeroplan program is transitioning to a revenue-based earning system starting January 1, 2026, which will change how members earn points and elite status [1][7] Revenue-Based Points Earning - Members will earn 1 Aeroplan point for every CA$1 spent on Air Canada flights, excluding taxes, fees, and third-party charges [2] - Earning rates can increase up to 6 points per CA$1 spent, depending on the member's elite status level [2] - This change means that passengers purchasing more expensive last-minute tickets will earn more points compared to those who buy cheaper tickets in advance, even on the same flight [2] New Status Qualifying Credits - Starting January 1, 2026, Status Qualifying Credits (SQC) will be the sole metric for earning Aeroplan status, replacing the previous metrics [4] - Members can earn up to 4 SQCs for every CA$1 spent, with different earning rates based on fare types [5] - Members can accumulate a maximum of 25,000 SQCs annually from Aeroplan partners [5] Earning Rates for Elite Members - Aeroplan members will earn SQCs at different rates based on their elite status: - 2x for Aeroplan 25K members - 3x for Aeroplan 35K members - 4x for Aeroplan 50K members - 5x for Aeroplan 75K members - 6x for Aeroplan Super Elite members [6] Additional Benefits - Members can earn up to 25,000 SQCs through eligible Aeroplan credit card spending [7] - For every 10,000 SQCs earned, members unlock Milestone Benefits, including bonus SQCs and status passes [7] - Starting in 2027, primary account holders of premium Aeroplan credit cards will receive a 10% SQC bonus based on the previous year's earnings [7] Final Thoughts - The shift to a revenue-based system is often viewed as a devaluation of the loyalty program, despite being marketed as a customer-centric change [7][8]

Core Viewpoint - Air Canada and Emirates have renewed and expanded their strategic partnership, which began in 2022, to enhance customer services and cargo operations until December 31, 2032, benefiting both airlines and their customers [1][3][4]. Partnership Expansion - The renewed agreement will deepen cooperation, enhance services for customers and cargo shippers, and create potential new gateways within Canada [1][7]. - The partnership has already served over 550,000 customers across 56 codeshare routes linking Canada, the U.S., Dubai, and other global destinations [1][10]. Customer Benefits - New customer benefits will include enhanced premium travel experiences at more airports and improved priority benefits for eligible passengers [7][9]. - The partnership allows for seamless connections and reciprocal loyalty benefits, enhancing the travel experience for customers [10][11]. Cargo Cooperation - Strengthened cargo cooperation aims to boost two-way trade and facilitate cargo shipments between the Americas, the Indian subcontinent, the Middle East, and Southeast Asia [7][8]. - Both airlines are exploring a potential joint venture focused on cargo operations to support efficient global commodity movement [8]. Economic Impact - The partnership is expected to significantly strengthen tourism and trade between Canada and the UAE, with bilateral trade growing 14% from 2022 to 2023 [13]. - Canadian exports to the UAE reached CAD $3.3 billion in 2024, marking a 17% increase over 2023 [13]. Operational Enhancements - Air Canada has relocated its Dubai operations to Dubai International's Terminal 3, improving the connection experience for customers [11]. - The codeshare network has expanded to 56 routes, connecting Emirates customers to 37 destinations in Canada and the U.S. [9][12].

Core Insights - There is significant business class award availability to Belgrade from several U.S. cities, particularly New York and Chicago, with Air Serbia being the only airline offering direct flights [1][2][8] - The cost for booking these flights is as low as 70,000 Aeroplan points one-way, with minimal taxes and fees of approximately $57 per person [3][5][8] - The travel dates for this availability extend from October 2025 through August 2026, with up to four award seats available on these routes [5][8] Booking Information - The best method for booking these awards is through Aeroplan, which allows for easy searching of availability on its website [3][4] - For those whose preferred dates are not available, tools like Seats.aero can help identify the best stretches of availability by scanning multiple months and routes [4] - Aeroplan is noted for its flexibility, allowing points to be transferred from various loyalty programs, making it easier for travelers to accumulate the necessary points for redemption [7]

Core Insights - Air Canada reported strong second quarter 2025 financial results, with operating revenues exceeding $5.6 billion, an increase of $113 million from the previous year [2][8] - The airline achieved an operating income of $418 million, with an operating margin of 7.4%, and adjusted EBITDA of $909 million, reflecting an adjusted EBITDA margin of 16.1% [2][9] - Air Canada led all major North American carriers in on-time performance for May and June, contributing to improved customer service scores [2][3] Financial Performance - Operating revenues for Q2 2025 were $5.632 billion, a 2% increase compared to the previous year [8] - Operating expenses totaled $5.214 billion, resulting in an operating income of $418 million [9] - Adjusted pre-tax income was reported at $300 million, with net income of $186 million and diluted earnings per share of $0.51 [9][49] Operational Highlights - Air Canada transported 11.6 million customers in the quarter, maintaining high service standards recognized by the Skytrax World Airline Awards [3] - The airline's premium revenues increased by 5% compared to Q2 2024, indicating strong demand for premium services [2] Strategic Initiatives - The company completed a $500 million substantial issuer bid, purchasing 26.6 million shares for cancellation [3] - Air Canada plans to increase its ASM capacity by 3.25% to 3.75% in Q3 2025 compared to the same quarter in 2024 [4] Guidance and Outlook - For the full year 2025, Air Canada reiterated its adjusted EBITDA guidance of $3.2 billion to $3.6 billion and projected a 1% to 3% increase in ASM capacity versus 2024 [4][5] - The airline expects free cash flow to break even, with a margin of +/- $200 million [4] Long-term Targets - Air Canada announced long-term financial targets for 2028, aiming for operating revenues of approximately $30 billion and an adjusted EBITDA margin of at least 17% [7][33] - The company aspires to maintain a free cash flow margin of approximately 5% and a return on invested capital of at least 12% by 2030 [7][33]