Financial Highlights:

• Net income of $18.9 million compared to $12.3 million for Q1 2024.
• Net income from continuing operations of $18.9 million compared to $5.4 million for Q1 2024.
• Adjusted Earnings available to Common Shareholders of $15.4 million compared to $3.7 million for Q1 2024 was due to the positive impacts of the sale of the RAL business and improved financial results primarily related to increased parts sales, contract flying, MRO and other revenue.
• Adjusted Earnings available to Common Shareholders of $0.57 per Common Share, basic, compared to $0.13 for Q1 2024.
• Adjusted EBITDA of $56.9 million compared to $54.0 million for Q1 2024.
• Free Cash Flow of $40.6 million compared to $30.7 million for Q1 2024.
• Leverage Ratio of 1.6 compared to 1.4 at December 31, 2024. The increase was a result of additional cash held at December 31, 2024 due to a $58.9 million prepayment of revenue related to January 2025.
• Parts sales, contract flying, MRO and other revenue of $39.1 million compared to $28.5 million for Q1 2024 primarily driven by Voyageur.

HALIFAX, NS, May 6, 2025 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) today announced its first quarter 2025 financial results.

“Consistent with our plan, the first quarter results show significant improvements resulting from our sale of the regional aircraft leasing (RAL) business,” said Colin Copp, President and Chief Executive Officer, Chorus. “The results also reflect strong growth at Voyageur, primarily driven by part sales, consistent earnings from Jazz’s capacity purchase agreement (CPA) with Air Canada as well as our corporate cost reductions.”

“At the same time, we took steps to deliver on our commitment to return capital to shareholders through a substantial issuer bid (SIB) for $25.0 million in value of Chorus’ shares,” added Mr. Copp. “This initiative is in addition to $53.0 million in share buy-backs since we launched our normal course issuer bid (NCIB) program in 2022.”

“These positive outcomes and our focus on returning capital to shareholders reflect the increased strength of our balance sheet, and a commitment to enhance value for our shareholders,” said Mr. Copp.

First Quarter Summary

In the first quarter of 2025, Chorus reported Adjusted EBITDA from continuing operations of $56.9 million, an increase of $2.8 million compared to the first quarter of 2024 primarily due to:

• an increase in Voyageur’s parts sales, contract flying and MRO activity; and
• a decrease in general administrative expenses primarily attributable to lower overhead costs; partially offset by
• a decrease in capitalization of major maintenance overhauls on owned aircraft of $1.5 million; and
• a decrease in aircraft leasing revenue under the CPA of $0.7 million primarily due to a change in lease rates on certain aircraft partially offset by a higher US dollar exchange rate.

Adjusted Net Income from continuing operations was $15.4 million for the quarter, an increase of $2.8 million compared to the first quarter of 2024 primarily due to:

• a $2.8 million increase in Adjusted EBITDA as previously described; and
• a decrease in net interest costs of $5.5 million primarily related to the repayment of the Series A Debentures at maturity, the partial repurchase of the Series B Debentures and Series C Debentures and the absence of any draw in the current quarter under the Operating Credit Facility; partially offset by
• an increase of $3.5 million in income tax expense;
• an increase in depreciation expense of $1.1 million primarily attributable to capital expenditures; and
• a negative change in foreign exchange of $1.0 million.

Net income from continuing operations was $18.9 million, an increase of $13.5 million compared to the first quarter of 2024 primarily due to:

• the previously noted increase in Adjusted Net Income of $2.8 million; and
• a positive change in net unrealized foreign exchange of $10.7 million.

Adjusted Earnings available to Common Shareholders from continuing operations was $15.4 million for the quarter, an increase of $11.7 million compared to the first quarter of 2024 primarily due to:

• the previously noted increase in Adjusted Net Income of $2.8 million; and
• the elimination of Preferred Share dividends of $8.8 million due to the redemption of the Preferred Shares.

About Chorus Aviation Inc.

Chorus is a holding company which owns the following principal operating subsidiaries: Jazz Aviation, the largest regional operator in Canada and provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus’ subsidiaries provide services that encompass every stage of an aircraft’s lifecycle, including: contract flying, aircraft refurbishment, engineering, modification, repurposing and transition; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; and pilot training.