Greater Toronto Airports Authority and air carriers enter into airline partnership agreements

TORONTO, Dec. 20, 2023 /CNW/ - The Greater Toronto Airports Authority (GTAA) has entered into Airline Partnership Agreements with several airlines for a new rebate program aimed at driving better performance and passenger experience at Canada's busiest airport.

Airlines representing approximately 90% of seats at Toronto Pearson are eligible to earn rebates by achieving certain passenger volume thresholds and meeting targets related to operational performance, including on-time departures and timely baggage delivery.

These agreements are expected to help the GTAA achieve financial sustainability in two ways: incentivizing passenger growth and reducing the expected rebates the GTAA pays to carriers compared to previous long-term agreements ending December 31, 2023.

Pearson's aeronautical fees combined with the rebate program are competitive to other large airports across North America, which reinforces Toronto Pearson's standing as a leading global hub.

Each agreement lasts for three years, starting January 1, 2024, with a GTAA option to extend for up to two additional years.

The Greater Toronto Airports Authority is the operator of Toronto ? Lester B. Pearson International Airport, Canada's largest airport and a vital connector of people, businesses and goods. Located in one of the fastest-growing cities in North America and Canada's most populous region, the GTAA connects people and goods to the global economy. 

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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.sedar.com.

SOURCE Greater Toronto Airports Authority