GTAA REPORTS 2025 THIRD QUARTER RESULTS

TORONTO, Nov. 10, 2025 /CNW/ - The Greater Toronto Airports Authority ("GTAA") today reported its financial and operating results for the third quarter and the first nine months of 2025. Toronto Pearson, Canada's busiest airport, saw slight growth in its overall passenger volumes, which increased by 0.3 million or 2.3% to 13.1 million for the third quarter and 0.3 million or 0.7% to 35.8 million year-to-date, when compared to the same periods in 2024. This was largely driven by strong domestic growth that was partially offset by declines in the international sector. The international sector was impacted by the ongoing decline in transborder travel. Passenger volume in the third quarter was also impacted by an air carrier labour disruption. Year-to-date passenger volume was also impacted by extreme weather events, and a five-day runway closure due to a single aircraft incident in the first quarter.

"In Q3 2025 we delivered strong growth in the domestic sector, which more than offset the decline in transborder U.S. travel for overall steady growth in passenger volume. As we near the end of this quarter, we expect to see continued progress in our year-over-year performance," said Deborah Flint, President and CEO.

"We are on track to deliver on our 2025 business initiatives, maintaining momentum and driving outcomes, demonstrated by the award of Accelerator program, and the in-flight procurement of the T1/T3 Revitalization and Gateway programs. These are critical elements to progressing our strategy that will position us well in 2026," added Flint.

Toronto Pearson continues to monitor the global economic and political landscape, assess risks, and be ready to adapt amid economic uncertainty.

Key Passenger and Financial Information

	Three months ended September 30				Nine months ended September 30
(millions)	2025	2024	Change^1		2025	2024	Change^1
Passenger Activity				%				%
Domestic	5.2	4.8	0.4	8.3	13.0	12.4	0.6	4.7
International	7.9	8.0	(0.1)	(1.3)	22.8	23.1	(0.3)	(1.4)
Total	13.1	12.8	0.3	2.3	35.8	35.5	0.3	0.7
($ millions)
Total Revenues	562.2	531.2	31.0	5.8	1,570.2	953.8	616.4	5.7
EBITDA ^2	291.6	274.8	16.8	6.1	769.3	460.0	309.3	4.7
EBITDA Margin	51.9 %	51.7 %			49.0 %	49.2 %
Net Income	138.6	122.3	16.3	13.3	317.7	282.4	35.3	12.5
Free Cash Flow ^2	175.7	194.2	(18.5)	(9.5)	360.3	351.2	9.1	2.6
1 Percentage calculations are based on detailed actual numbers (not rounded as presented).
2 Please refer to Non-GAAP Financial Measures at the end of this document for further details.

Revenues for the third quarter were $562.2 million, an increase of 5.8%; year-to-date revenue was $1,570.2 million, an increase of 5.7%, compared to the same periods in 2024. The increase in the third quarter and year-to-date is primarily driven by rate and fee increases, aviation activity and a marginal increase in overall passenger traffic.

Earnings before interest and financing costs, and amortization ("EBITDA") for the third quarter was $291.6 million, an increase of 6.1%; year-to-date EBITDA was $769.3 million, an increase of 4.7%, compared to the same periods of 2024.  The increase in EBITDA is related to higher revenues associated with the increase in aeronautical fees and AIF partially offset by an increase in operating costs (before amortization), and an air carrier labour disruption. EBITDA margin during the third quarter was 51.9%, an increase of 0.2 percentage points due to the aforementioned factors. Year-to-date EBITDA margin was 49.0%, a decrease of 0.2 percentage points primarily due to the impact on passenger volume from extreme weather events, and a five-day runway closure due to a single aircraft incident in the first quarter of 2025 and from an air carrier labour disruption in the third quarter of 2025.

Net income during the third quarter was $138.6 million, an increase of 13.3%, and year-to-date net income was $317.7 million, an increase of 12.5%, compared to the same periods of 2024, driven by the increase in revenues offset by the increase in expenses.

Free Cash Flow for the third quarter was $175.7 million, a decrease of 9.5% compared to the same period in 2024 primarily driven by lower cash flow from operations, partially offset by lower cash outflows related to capital expenditure. Year-to-date free cash flow was $360.3 million, an increase of 2.6% compared to the same period in 2024, driven by  lower cash outflows related to capital expenditure partially offset by lower cash flow from operations, lower receipt of funds under the ACIP and higher net interest expense.

The GTAA's September 30, 2025 financial results are discussed in more detail in the GTAA's Condensed Interim Consolidated Financial Statements and Management's Discussion and Analysis, each for the three and nine-months ended September 30, 2025, which are available at www.torontopearson.com and on SEDAR at www.sedarplus.ca.

Caution Regarding Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws. This forward-looking information is based on a variety of assumptions and is subject to risks and uncertainties. These statements reflect GTAA Management's current beliefs and are based on information currently available to GTAA Management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that the GTAA's assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in the GTAA's securities regulatory filings, including its most recent Annual Information Form and Management's Discussion and Analysis, which can be found on SEDAR at www.sedarplus.ca. 

NON-GAAP FINANCIAL MEASURES

Throughout this news release, there are references to the following performance measures which in Management's view are valuable in assessing the economic performance of the GTAA.  While these financial measures are not defined by the International Accounting Standards Board and are referred to as non-GAAP measures which may not have any standardized meaning, they are common benchmarks in the industry, and are used by the GTAA in assessing its operating results, including operating profitability, cash flow and investment program.

EBITDA

EBITDA is earnings from operations before interest and financing costs, reversal or impairment of investment property, write-down of property and equipment, and amortization.  EBITDA is a commonly used measure of a company's operating performance. This is used to evaluate the GTAA's performance without having to factor in financing and accounting decisions.

Free Cash Flow

Free Cash Flow ("FCF") is cash flows from operating activities per the consolidated statements of cash flows, and ACIP grants received less capital expenditures (property and equipment, investment property, and other) and interest and financing costs paid, net of interest income (excluding non-cash items). FCF is used to assess funds available for debt reduction or future investments within Toronto Pearson.

About Toronto Pearson

The Greater Toronto Airports Authority is the operator of Toronto Pearson International Airport, Canada's largest airport and a vital connector of people, businesses, and goods.

Toronto Pearson has been named "Best Large Airport in North America serving more than 40 million passengers" seven times in the last eight years by Airports Council International, the global trade representative of the world's airports.  Toronto Pearson was also recognized in 2025 as one of "Canada's Best Employers" by Forbes.

For our corporate X channel, please visit @PearsonComms. For operational updates and passenger information, please visit @TorontoPearson/@AeroportPearson on X. You can also follow us on Facebook or Instagram.

SOURCE Toronto Pearson

GTAA Media Office, [email protected], [phone]