2023 Consolidated Financial Statements and Notes

AIR CANADA 2023 Consolidated Financial Statements and Notes CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Canadian dollars in millions) ASSETS Current December 31, 2023 December 31, 2022 Cash and cash equivalents Short-term investments Total cash, cash equivalents and short-term investments Accounts receivable EA $ 2,817 $ 2,693 5,734 5,295 8,551 7,988 Note 19 1,121 1,037 Aircraft fuel inventory 169 200 Spare parts and supplies inventory Note 2P 168 118 Prepaid expenses and other current assets Note 19 251 322 Total current assets 10,260 9,665 Investments, deposits and other assets Note 4 1,009 1,073 Property and equipment Note 5 11,933 11,950 Pension assets Deferred income tax Intangible assets Goodwill Note 9 2,588 2,444 Note 11 50 48 Note 6 1,084 1,054 Note 7 3,273 3,273 $ 30,197 $ 29,507 Total assets LIABILITIES Current Accounts payable and accrued liabilities Advance ticket sales $ 3,328 $ 2,691 Note 19 4,341 4,104 Aeroplan and other deferred revenue Note 19 1,473 1,295 Current portion of long-term debt and lease liabilities Note 8 866 1,263 Total current liabilities 10,008 9,353 Long-term debt and lease liabilities Note 8 12,996 15,043 Aeroplan and other deferred revenue Note 19 2,989 3,160 Pension and other benefit liabilities Maintenance provisions Other long-term liabilities Deferred income tax Note 9 1,875 1,770 Note 10 1,227 1,352 233 311 Note 11 73 73 Total liabilities $ 29,401 $ 31,062 SHAREHOLDERS' EQUITY (DEFICIENCY) Share capital Contributed surplus Accumulated other comprehensive loss Deficit Total shareholders' equity (deficiency) Total liabilities and shareholders' equity (deficiency) Note 12 2,744 133 (57) (2,024) 118 2,743 (46) (4,370) 796 (1,555) 30,197 $ 29,507 The accompanying notes are an integral part of the consolidated financial statements. On behalf of the Board of Directors: (signed) Vagn Sørensen Vagn Sørensen Chair of the Board of Directors (signed) Christie J.B. Clark Christie J.B. Clark Chair of the Audit, Finance and Risk Committee 80

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