GTAA REPORTS 2026 THIRD QUARTER RESULTS

TORONTO, Nov. 10, 2026 /CNW/ -- The Greater Toronto Airports Authority ("GTAA") today reported its financial and operating results for the third quarter and the first nine months of 2026, reflecting continued growth in passenger volumes, revenues and operating performance at Toronto Pearson.

Toronto Pearson passenger volume increased by 0.7 million passengers or 5.3%, to 13.8 million, compared with the same period in 2025. Year-to-date passenger volumes reached 37.3 million, up 1.5 million or 4.2%. Strong domestic demand and continued growth in international travel outside North America offset a marginal decline in travel to the United States.  

Driven by these trends and strong financial performance, the GTAA is advancing LIFT, its long-term investment program to increase airport capacity and transform Pearson into one of the world's most advanced, sustainable and passenger-friendly airports while building the economic platform Canada needs to compete and thrive for the next decade and beyond.

"Toronto Pearson is connecting Canadians to more destinations around the world as our airline partners add new routes. We are connecting Canadian businesses to global markets, stimulating trade, tourism and jobs across Canada. We are translating those connections into long-term value for passengers, partners, employees and communities," said Deborah Flint, President and CEO.

"Our operational efficiencies and fiscal discipline are driving value for businesses and customers as evidenced by our continued growth and our consistent ranking as best large hub airport in North America for airport service quality," added Flint.

The GTAA continues to monitor the global economic and political landscape and adapt its plans in response to evolving risks and uncertainty.

Key Passenger and Financial Information

	Three months ended September 30				Nine months ended September 30
(millions)	2026	2025	Change^1		2026	2025	Change^1
Passenger Activity				%				%
Domestic	5.5	5.2	0.3	5.8	13.9	13.0	0.9	7.0
International	8.3	7.9	0.4	5.1	23.4	22.8	0.6	2.7
Total	13.8	13.1	0.7	5.3	37.3	35.8	1.5	4.2
($ millions)
Total Revenues	626.5	562.2	64.3	11.4	1,715.6	1,570.2	145.4	9.3
EBITDA ^2	327.5	291.5	36.0	12.3	844.0	769.3	74.7	9.7
EBITDA Margin	52.3 %	51.9 %			49.2 %	49.0 %
Net Income	177.7	138.6	39.1	28.3	347.2	317.7	29.5	9.3
Free Cash Flow ^2	168.6	175.7	(7.1)	(4.0)	350.7	360.3	(9.6)	(2.7)
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.

Revenue for the third quarter was $626.5 million, an increase of 11.4%; year-to-date revenue was $1,715.6 million, an increase of 9.3%, compared to the same periods in 2025. The increase in the third quarter and year-to-date was primarily driven by higher rate and fee, aviation activity and passenger traffic.

Earnings before interest and financing costs, and amortization ("EBITDA") for the third quarter was $327.5 million, an increase of 12.3%; year-to-date EBITDA was $844.0 million, an increase of 9.7%, compared to the same periods in 2025. The increase in EBITDA during the third quarter and year-to-date was related to higher revenues associated with the increase in aeronautical fees, AIF, aviation activity, passenger traffic and commercial revenues, partially offset by an increase in operating costs (before amortization). EBITDA margin during the third quarter was 52.3%, an increase of 0.4 percentage points. Year-to-date EBITDA margin was 49.2%, an increase of 0.2 percentage points compared to the same period in 2025. Refer to section "Non-GAAP Financial Measures" for additional information.

Net income during the third quarter was $177.7 million, an increase of 28.3%, and year-to-date net income was $347.2 million, an increase of 9.3%, compared to the same periods of 2025, driven by the increase in revenues offset by the increase in expenses. Year-to-date increase in net income is offset by an asset write down in the first quarter.

Free Cash Flow for the third quarter was $168.6 million, a decrease of 4.0% compared to the same period in 2025 primarily driven by higher cash flow from operations and lower net interest expense, offset by higher cash outflows related to capital expenditure. Year-to-date free cash flow was $350.7 million, a decrease of 2.7% compared to the same period in 2025, driven by higher cash flow from operations and lower net interest expense, offset by higher capital expenditures. Refer to section "Non-GAAP Financial Measures" for additional information.

The GTAA's September 30, 2026 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, 2026, 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" eight times in the last nine 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 Greater Toronto Airports Authority

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