Chorus Aviation Inc. Announces Third Quarter 2025 Financial Results

Executive Summary

• Chorus Aviation reported Q3 2025 net income of C$10.7 M, down 46% year‑over‑year, driven primarily by a C$12.8 M unrealized foreign‑exchange loss.
• Adjusted earnings available to common shareholders rose to C$0.60 per share (up from $0.43) and Adjusted EBITDA was C$51.6 M, a modest decline versus the prior year.
• The company announced a $50 M issuer share repurchase program, redemption of Series B debentures, sale of nine Dash 8‑400 aircraft for US$62 M, initiation of a quarterly dividend of $0.08 per share, and the acquisition of Elisen & Associates.

Key Details

• Net Income (Continuing Ops): C$10.7 M vs. C$19.8 M YoY.
• Adjusted Earnings (Basic) per Share: $0.60 vs. $0.43 YoY.
• Adjusted EBITDA: C$51.6 M vs. C$53.6 M YoY (‑3.7%).
• Free Cash Flow: C$33.2 M vs. C$32.4 M YoY.
• Leverage Ratio: 1.5× (up from 1.4×).
• Issuer Share Repurchase: Up to $50 M of common shares authorized.
• Debt Actions: Redemption of Series B debentures; repayment of Series A debentures at maturity.
• Aircraft Sale: Agreement to sell nine Dash 8‑400 aircraft for US$62 M (closing expected Q4 2025 & early 2026).
• Dividend Initiation: Quarterly cash dividend of $0.08 per common share declared.
• Acquisition: Purchase of Elisen & Associates to expand specialized engineering and defence contracting capabilities.
• Operating Highlights: Jazz generated stable earnings; Voyageur shifted toward higher‑margin defence, parts sales, and specialty MRO.
• Year‑to‑Date (9 mo) Adjusted EBITDA: C$159.8 M (+1.1% YoY).
• Adjusted Net Income YTD: C$48.0 M (+36.6% YoY).
• Outlook: Voyageur revenue forecast $140–$145 M for 2025; expected operating‑margin improvement of ~100 bps. Fixed‑margin lease revenue and cash flow expectations outlined for 2025‑2026.

Notable Quotes

“Chorus' third quarter results reflect solid financial performance, a clear focus on delivering shareholder value and continued execution on our strategic priorities,” – Colin Copp, President & CEO.

“We delivered strong earnings and cashflows this quarter with Jazz generating stable and predictable earnings, and Voyageur accelerating its shift to higher operating margin areas of defence, parts sales and specialty MRO.” – Colin Copp.