The Canadian carrier posted a smaller net loss than analysts expected, sending shares up around 14 per cent. The company revised its 2025 forecast range for EBITDA down from $3.4 billion to $3.8 billion to between $3.2 billion to $3.6 billion. CEO Michael Rousseau attributed the change to “the noise around tariffs and trade disputes,” and the devalued Canadian dollar. The company is expecting a percentage drop in bookings for flights to the U.S. from Canada over the next six months in the “low teens.” (The Logic)

Talking point: The steep drop in demand for U.S. travel in the first quarter due to trade uncertainty made it hard for the carrier to recoup bookings in the first few months of 2025, chief commercial officer Mark Galardo said in an earnings call. “But as we go forward, we’ll mature into that capacity that we’ve reallocated elsewhere,” he added. Travel bookings by Canadian businesses dropped 10 per cent year over year to February 2025, but almost bounced back in March 2025, down just one per cent year-over year.