Transat A.T. Inc.

Bonjour Mesdames et Messieurs. Bienvenue à la conférence Transat. Good morning, ladies and gentlemen. Welcome to the Transat conference call. Please note this call is being recorded. I would now like to turn the meeting over to Andrean Gagne, Senior Director, Communications, Public Affairs and Corporate Responsibility. Please go ahead, Ms. Gagne.

Thank you. Bonjour et bienvenue à cet appel trimestriel de Transat. Hello, everyone, and thank you for joining us for our third quarter earnings call ended July 31, 2026. Annick Guerard, President and CEO, and Jean-Francois Pruneau, our Chief Financial Officer, will provide an overview of the quarter and comment on the current operational situation and commercial plans. Jean-Francois will also discuss our financial results in detail. We'll then take questions from financial analysts. Questions from journalists will be taken offline after the call. The conference call will be conducted in English, but questions may be asked in French or English. As usual, our supplementary disclosure has been updated and is available on our website in the Investors section. Jean-Francois may refer to it when he presents the results. Our comments and discussion today may include forward-looking information regarding Transat's outlook, objectives, and strategies that are based on assumptions and subject to risks and uncertainties. Forward-looking statements represent Transat's expectations as of September 10, 2026, and therefore are subject to change after today. Our actual results may differ materially from any stated expectations. Please refer to a forward-looking statement in Transat's third quarter news release available on Transat.com and on CEDAR+. With that, I would like to turn the call over to Annick for opening remarks.

Thank you, Andrean. Good morning and thank you for joining us. Our third quarter results were significantly impacted by persistently high fuel prices, which outweighed the progress achieved across the business and placed considerable pressure on profitability. At the same time, the men for our product remain resilient. Revenue and traffic grew, and our transatlantic network continued to perform well despite a highly competitive environment. While fuel prices remain outside of control, our response is not. We are actively managing capacity, cost, liquidity, and network deployment to mitigate the impact and position the business for recovery. On July 27, we closed financing of up to $150 million under the Government of Canada's Liquidity for Airline Sector Resilience Facility, or LASER program. This facility is now fully drawn and strengthens our liquidity position as we navigate a period of sustained fuel price volatility. The federal government has also made available an additional $250 million in funding, providing further flexibility as fuel prices remain elevated well beyond initial expectations. Jean-Francois will cover the financial details shortly. Beyond the immediate fuel pressure, We remain firmly focused on strengthening transit's long-term earnings profile. Our objective is to broaden our sources of revenue, deepen customer loyalty, expand our premium offering, and capture more value for each booking. Our new loyalty program remains on track for launch toward the end of 2026. The program is designed to strengthen customer retention, increase engagement, and create additional revenue opportunities across our ecosystem. The beta launch is already underway, with over 23,000 members enrolled to date and member engagement outperforming our initial expectations. In parallel, we are advancing a comprehensive cabin reconfiguration program with the first modernized aircraft scheduled to enter service in the second half of 2027. The upgrade of our cabins will increase premium seating capacity, support ancillary revenue growth, and enhance the overall customer experience. Together, these initiatives are designed to diversify our revenue base, strengthen margins, and improve the structural earnings profile of the business over time. Turning to our operating matrix, third quarter capacity increased by 6% year over year. Load factor was slightly below last year, while year declined by 1%. As bookings progress through the summer, the competitive environment intensified. This placed pressure on yield and significantly limited our ability to recover higher fuel costs through fares. Nevertheless, transatlantic yield increased by 0.6% in the context of 8% capacity growth. While this performance did not upset the increase in fuel costs, It demonstrates the underlying resilience of our core transatlantic network. Our soft program continues to be affected by the situation in Cuba with a cumulative revenue impact of $116 million. Turning to our operational and commercial update. Of our 41 aircraft at quarter end, were grounded to the ongoing Pratt & Whitney GTF engine issues, one more than anticipated when planning our summer program. These disruptions continue to impact our operations throughout the quarter. Despite these constraints, we continue to execute our network strategy with discipline. Our focus remains on selective growth in markets where our brand, and others. This summer, we launched new non-stop services from Montreal to Agadir, Reykjavik and Dakar, as well as from Toronto to Tirana. The early performance of these routes have been very encouraging. As an example, We have already confirmed that our Montreal Dakar service will operate year-round beginning this winter, supporting our objective of reducing seasonality while developing new traffic flows across the network. For the upcoming winter season, we are maintaining a conservative approach to capacity growth in light of persistently high fuel prices. Capacity deployment will remain highly disciplined with a focus on our strongest performing markets and the most attractive opportunities for value creation. Partnerships also remain central to our strategy, including our growing portfolio of interline and co-chair agreements and our successful joint venture with Porter Airlines. With that, I will turn the call over to Jean-Francois who will review our financial results.