Air Canada Ordinary Shares (Voting and Variable Voting)

AC: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Air Canada Earnings: Managing Risk During Macro Uncertainty; Fair Value Down 19%

Nicolas Owens

May 1, 2026

Air Canada's first-quarter revenue increased 11.3% to CAD 5.8 billion on 2.4% more capacity versus a year ago, while CAD 117 million operating profit offered 2% margin. The airline saw CAD 90 million of extra fuel costs and said it would trim capacity in 2026 as necessary to preserve margin.

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Air Canada Ordinary Shares (Voting and Variable Voting)

Air Canada Earnings: Managing Risk During Macro Uncertainty; Fair Value Down 19%

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