by Natasha Lair
Last updated: 7:45 AM ET, Tue April 14, 2026
(Photo Credit: Air Transat)
Transat A.T. Inc. delivered a one-two punch on April 10, reporting stronger first-quarter results while securing overwhelming shareholder support for its board.
At its Annual General Meeting, shareholders voted decisively to elect Transat’s full slate of eight directors, rejecting all four proposals from dissident shareholder Financière Outremont Inc.
“Shareholders have made their decision, which now guides the Company,” said Daniel Desjardins, Chair of the Board of Transat.
“We thank them for their decisive vote of confidence in our nominees, management and the clear mandate to stay the course, execute our strategic plan, and continue building long-term value.”
Each of Transat’s nominees secured between 72% and 75% of the vote, while dissident candidates from Financière Outremont were rejected, receiving only about a quarter of shareholder support.
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The outcome ends a proxy battle and gives the company what leadership calls a clear mandate to move forward.
Elected members of Transat’s board of directors (Photo Credit: Transat)
Results Show Progress
The governance win came alongside financial results that point to improving performance.
Transat reported revenue of $870.7 million for the quarter ending January 31, up 5% year over year, while adjusted EBITDA rose to $33.6 million, a 68% increase.
“Transat delivered solid financial results in the first quarter of 2026, reflecting continued momentum from the diligent execution of its profitable growth strategy,” said Annick Guérard, President and CEO of Transat.
The company credited network diversification, airline partnerships and its Elevation Program for the gains.
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Still, challenges remain.
“Following the end of the quarter, we temporarily suspended all flights to Cuba until April 30 due to an anticipated fuel shortage at destination airports and organized repatriation flights to Canada to ensure the safety and well–being of our customers,” Guérard said.
Capacity was shifted to other sun destinations where demand remains strong.
Stability Now the Focus
With the board vote settled, Transat is positioning itself to focus on execution.
The company is targeting 5% to 7% capacity growth in 2026 and has already made progress on its balance sheet, repaying $55 million in debt early in the year and moving into a net cash position.
Desjardins said the shareholder vote removes uncertainty at a critical time.
“This outcome delivers the necessary stability, experience and oversight for Transat to complete its multi-year transformation and move to the next phase of its strategy to drive profitable growth,” he said.
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