Financials Transat A.T. Inc.

Equities

TRZ

CA89351T4019

Leisure & Recreation

Market Closed - Toronto S.E. Other stock markets 04:00:00 2026-01-15 pm EST			5-day change	1st Jan Change
2.630 ^CAD	-1.87%		-4.71%	+3.95%

Jan. 06	Transat Pilots Vote to Approve Contract Through 2030	MT
Jan. 06	Canada's Air Transat pilots approve five-year contract	RE

Projected Income Statement: Transat A.T. Inc.

Fiscal Period: October	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	124.8	1,642	3,048	3,284	3,399	3,568	3,707	4,073
Change	-	1,215.55%	85.64%	7.72%	3.49%	4.99%	3.9%	9.87%
EBITDA ¹	-213.9	-156.8	263.3	193.6	271	330.9	357.3	408
Change	-	26.71%	267.95%	-26.45%	39.94%	22.14%	7.97%	14.18%
EBIT ¹	-373.6	-310.2	89.73	-12.73	9.803	58.68	79.87	111
Change	-	16.99%	128.93%	-114.18%	177.03%	498.62%	36.1%	38.98%
Interest Paid ¹	-77.02	-105.3	-135.4	-145.5	-137.4	-88.22	-77.21	-
Earnings before Tax (EBT) ¹	-389.4	-449.5	-24.68	-109	244.4	-0.3335	33.45	-
Change	-	-15.42%	94.51%	-341.61%	324.22%	-100.14%	10,128.79%	-
Net income ¹	-389.6	-445.3	-25.29	-114	241.9	-0.6773	23.6	-
Change	-	-14.31%	94.32%	-350.85%	312.15%	-100.28%	3,584.32%	-
Announcement Date	12/8/21	12/14/22	12/13/23	12/12/24	12/18/25	-	-	-

¹CAD in Million

Estimates

Fiscal Period: October	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	41.92	7.569	12.55	62.78	202.4	358.2	508.3	573.1	667.5	870.1	746.3	764.5	785.5	973.2	736.2	788.8	829.5	1,031	766.3	771.6	853.3	1,085	813.9	821
Change	-	-81.94%	65.78%	400.33%	222.45%	76.92%	41.92%	12.76%	16.46%	30.36%	-14.23%	2.43%	2.75%	23.9%	-24.35%	7.15%	5.15%	24.3%	-25.68%	0.69%	10.58%	27.16%	-24.99%	0.87%
EBITDA ¹	-53.63	-50.96	-50.93	-58.36	-36.37	-51.01	-57.82	-11.54	3.331	56.14	114.8	89.01	-8.625	37.64	41.33	123.3	19.97	100.9	81.18	71.37	20.79	103.1	100	105.2
Change	-	4.98%	0.07%	-14.6%	37.68%	-40.27%	-13.35%	80.03%	128.85%	1,585.5%	104.44%	-22.46%	-109.69%	536.35%	9.81%	198.33%	-83.8%	405.43%	-19.57%	-12.09%	-70.87%	396.11%	-3.03%	5.23%
EBIT ¹	-91.12	-86.24	-98.28	-98	-73.84	-87.51	-96	-52.83	-38.1	18.74	64.38	44.72	-52.43	-15.16	-9.837	64.7	-51.96	37.27	24.24	0.248	-45	35	22	26
Change	-	5.36%	-13.97%	0.29%	24.65%	-18.52%	-9.69%	44.97%	27.88%	149.18%	243.52%	-30.53%	-217.24%	71.08%	35.12%	757.72%	-180.3%	171.73%	-34.96%	-98.98%	-18,245.16%	177.78%	-37.14%	18.18%
Charge d'intérêts	-	-	-18.07	-21.78	-21.97	-24.96	-	-	-	-32.68	-33.69	-36.82	-35.64	-34.71	-36.19	-38.92	-39.68	-	-34.73	-24.78	-	-	-	-
Earnings before Tax (EBT)	-60.3	-	-137.9	-121.8	-113.8	-97.62	-	-	-	-29.07	58.03	3.023	-61.04	-54.02	-38.32	-70.67	-122	-	-	-11.3	-	-	-	-
Change	-	-	-	11.71%	6.5%	14.25%	-	-	-	-	299.6%	-94.79%	-2,119.15%	11.49%	29.08%	-84.44%	-72.67%	-	-	-	-	-	-	-
Net income ¹	-60.53	-69.56	-138.1	-121.3	-114.3	-98.28	-	-	-	-29.18	57.3	3.195	-60.98	-54.39	-39.89	41.23	-122.5	-22.88	399.8	-12.49	-77.41	23.69	16.41	27.24
Change	-	-14.91%	-98.57%	12.15%	5.76%	14.05%	-	-	-	-	296.38%	-94.42%	-2,008.51%	10.81%	26.65%	203.34%	-397.21%	81.32%	1,847.16%	-103.12%	-519.83%	130.61%	-30.73%	66%
Announcement Date	3/10/21	6/9/21	9/8/21	12/8/21	3/9/22	6/9/22	9/8/22	12/14/22	3/8/23	6/7/23	9/13/23	12/13/23	3/14/24	6/5/24	9/12/24	12/12/24	3/12/25	6/12/25	9/11/25	12/18/25	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Transat A.T. Inc.

Fiscal Period: October	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	986	1,610	1,622	2,017	1,597	1,415	1,294	1,181
Change	-	63.29%	0.75%	24.35%	-20.82%	-11.38%	-8.55%	-8.73%
Announcement Date	12/8/21	12/14/22	12/13/23	12/12/24	12/18/25	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Transat A.T. Inc.

Fiscal Period: October	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	5.599	32.53	57.57	138.6	97.86	89.67	93	104
Change	-	481.01%	76.96%	140.7%	-29.38%	-8.37%	3.72%	11.83%
Free Cash Flow (FCF) ¹	-524	-210.4	264.2	-43.9	59.12	-11.85	28	91
Change	-	59.85%	225.57%	-116.62%	234.68%	-120.04%	336.31%	225%
Announcement Date	12/8/21	12/14/22	12/13/23	12/12/24	12/18/25	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Transat A.T. Inc.

Fiscal Period: October	2020	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-	-171.36%	-9.55%	8.64%	5.9%	7.97%	9.28%	9.64%	10.02%
EBIT Margin (%)	-	-299.36%	-18.89%	2.94%	-0.39%	0.29%	1.64%	2.15%	2.73%
EBT Margin (%)	-	-311.99%	-27.37%	-0.81%	-3.32%	7.19%	-0.01%	0.9%	-
Net margin (%)	-	-312.1%	-27.12%	-0.83%	-3.47%	7.12%	-0.02%	0.64%	-
FCF margin (%)	-	-419.85%	-12.81%	8.67%	-1.34%	1.74%	-0.33%	0.76%	2.23%
FCF / Net Income (%)	-	134.52%	47.24%	-1,044.53%	38.5%	24.44%	1,749.33%	118.64%	-
Profitability
ROA	-13.03%	-14.91%	-10%	2.01%	-0.86%	0.03%	-	-	-
ROE	-159.28%	313.05%	83.61%	3.31%	13.67%	-31.54%	-	-	-
Financial Health
Leverage (Debt/EBITDA)	-	-4.61x	-10.27x	6.16x	10.42x	5.89x	4.28x	3.62x	2.89x
Debt / Free cash flow	-	-1.88x	-7.65x	6.14x	-45.95x	27.01x	-119.42x	46.2x	12.98x
Capital Intensity
CAPEX / Current Assets (%)	-	4.49%	1.98%	1.89%	4.22%	2.88%	2.51%	2.51%	2.55%
CAPEX / EBITDA (%)	-	-2.62%	-20.75%	21.87%	71.57%	36.12%	27.09%	26.03%	25.49%
CAPEX / FCF (%)	-	-1.07%	-15.46%	21.79%	-315.68%	165.53%	-756.76%	332.14%	114.29%
Items per share
Cash flow per share ¹	-	-	-	8.406	2.438	3.769	6.222	6.028	-
Change	-	-	-	-	-71%	54.64%	65.07%	-3.11%	-
Dividend per Share ¹	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Book Value Per Share ¹	-	-	-	-	-	-15.49	-17.05	-17.25	-16.46
Change	-	-	-	-	-	-	-10.08%	-1.17%	4.58%
EPS ¹	-	-10.32	-11.77	-0.66	-2.94	5.72	-0.02	0.5267	-
Change	-	-	-14.05%	94.39%	-345.45%	294.56%	-100.35%	2,733.35%	-
Nbr of stocks (in thousands)	-	37,747	37,973	38,455	39,168	40,318	41,413	41,413	41,413
Announcement Date	-	12/8/21	12/14/22	12/13/23	12/12/24	12/18/25	-	-	-