Not true at all. They frequently discount fares, often with short, unadvertised price reductions targeted at where demand is weakest. It's a lot easier for RM to adjust some fares than to set up a FFP promotion.

They cite zero evidence for it.

You're saying AC is going to park a bunch of aircraft because TATL demand is weak. A minor Flying Blue promo doesn't support that. When AC launched BKK, there was also a big Aeroplan promo for it. Did that mean demand was weak before they even launched it? How do you know this promo isn't driven primarily by Flying Blue falling short on its growth targets in North America as opposed to some broader weakness in TATL demand for the airline? The promo isn't advertised on the AF or KL Canadian sites in the promo section, or in the app, and I haven't received any e-mails about it. It's not even anywhere on the Flying Blue homepage. I don't even know where the website found the promo. If there was broad weakness in demand and they really needed to fill seats, shouldn't they actually promote it?

The correlation between a limited promo like this and a huge change in demand that would cause AC is park a bunch of aircraft is negligible.

As for the actual thesis, let's look at that.

AF emphasizes its increase in TATL service in last week's press release, continuing summer seasonal service through the winter on some TATL routes and adding flights to others. If demand is weak, why are they adding capacity? KL is increasing service this winter to BOS, MIA, PDX, SFO, AUA, GRU, LIM, SJO, PTY, CUR, and adding SAN.

So what the airlines are doing with actual capacity doesn't align with the conclusion you're drawing from what their loyalty program is doing.

Yesterday LH announced they had some weakness in the North Atlantic market over the summer but actually see a better Q4 and 2026. DL was asked a few weeks ago on their Q3 earnings call whether they foresaw strong TATL demand continuing through Q4 and Q1 of 2026, and Hauenstein simply said "yes". UA said on their Q3 call that Q4 is looking very good for TATL, and in 2026 capacity is going to be roughly flat as they spread some capacity from July/August to other months, but they expect RASM and margins to be up as a result of better aligning capacity to demand.

So the concept of citing a mileage promo from one airline as a premise for demand so weak AC will park a bunch of planes is flawed to begin with, but setting that aside, where are all these tea leaves your said were pointing to lower demand? If AC's competitors and partners all seem to think the TATL market is going to look good, why is AC going to park aircraft?