The Greater Toronto Airports Authority saw passenger activity jump by 22.9 million or 180.8% to 35.6 million during 2022, when compared to 2021.

"With passenger traffic growing strongly over the fourth quarter of 2022, industry must continue to focus on post-pandemic recovery with the aim of providing the stellar passenger experience that Canadians want and deserve," said Deborah Flint, President and CEO, GTAA.

"The recovery is well under way and we are working with everyone across the ecosystem to give passengers a predictable customer experience, streamlined border procedures and modernized airport infrastructure."

Flint called on the federal government to continue investing in modernized infrastructure, including by allowing Canadian airports to reinvest the rent they pay in order to accelerate progress.

"Doing so would bring about an aviation system that is globally competitive and on the leading edge of passenger service, benefiting not only travellers but all Canadians by virtue of the strong economic contribution that airports make to their communities, provinces and country."

Passenger activity at YYZ during 2022 was 70.5% of activity in 2019. During the fourth quarter of 2022, passenger activity recovered to 78.9% of 2019 numbers.

The GTAA generated net income for the first fiscal year since 2019. Earnings before interest and financing costs, impairment of investment property and amortization ("EBITDA") increased significantly during 2022, when compared to 2021, due to a large increase in operating activity and revenues and management of operating costs.

Net income during 2022 increased by $422.7 million to $72.3 million, when compared to the net loss of 2021, due to the same reasons above.

GTAA management says it continues to analyze the extent of the financial impact of the COVID-19 pandemic, which has now diminished, and to implement recovery plans. In the long term, the GTAA believes that full recovery will be achieved, and the pandemic will not have a material impact on the long-term financial sustainability of the airport.