Stable Cash Flow Profile, Strategic Expansion, Continued Capital Returns

• Net income of $7.0 million compared to a net income of $18.9 million for Q1 2025.
• Adjusted Net Income¹ of $12.6 million compared to $15.4 million for Q1 2025.
• Adjusted Net Income per Common Share, basic of $0.54 compared to $0.57 for Q1 2025.
• Adjusted EBITDA of $44.3 million compared to $56.9 million for Q1 2025.
• Free Cash Flow of $27.0 million compared to $40.6 million for Q1 2025.
• Free Cash Flow per Common Share, basic of $1.16 compared to $1.51 for Q1 2025.
• Adjusted Net Debt/Adjusted EBITDA ratio of 1.5 compared to 1.7 at December 31, 2025.

HALIFAX, NS, May 7, 2026 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) today announced its first quarter 2026 financial results.

“Our first quarter results were in line with expectations, reflecting the stability of our contracted business and consistent execution across the organization,” said Colin Copp, President and Chief Executive Officer, Chorus. “During the quarter, we advanced our strategy to diversify and strengthen our platform, including the acquisition of KADEX Aero Supply, which expands our high-margin aftermarket capabilities and enhances our position in the aviation supply chain and defence markets. We ended the quarter with strong liquidity and a leverage ratio of 1.5x, providing flexibility to invest in growth while continuing to return capital to shareholders.”

“Together with the declaration of our quarterly dividend, ongoing aircraft monetization and continued share repurchases, these actions reflect our disciplined approach to capital allocation and confidence in the long-term strength and cash flow profile of the business,” added Mr. Copp.

In the first quarter of 2026, Chorus reported Adjusted EBITDA of $44.3 million, a decrease of $12.6 million compared to the first quarter of 2025 primarily due to:

• a decrease in aircraft leasing revenue under the CPA of $5.0 million primarily due to expected changes in lease rates on certain aircraft and a lower US dollar exchange rate;
• a contracted decrease in Fixed Margin of $4.1 million;
• a decrease in Voyageur’s parts sales and contract flying; and
• a decrease in capitalization of major maintenance overhauls on owned aircraft of $2.3 million; partially offset by
• a decrease in general administrative expenses primarily attributable to lower overhead costs.

Adjusted Net Income was $12.6 million for the quarter, a decrease of $2.7 million compared to the first quarter of 2025 primarily due to:

• a $12.6 million decrease in Adjusted EBITDA as previously described; partially offset by
• a positive change in foreign exchange of $4.6 million;
• a decrease of $3.0 million in income tax expense;
• a decrease in depreciation expense of $1.8 million primarily attributable to the sale of certain aircraft; and
• a decrease in net interest costs of $0.4 million primarily related to the repayment of the Series B Debentures and the partial repurchase of the Series C Debentures in the first quarter of 2025; offset by lower interest revenue.

Net income was $7.0 million, a decrease of $11.9 million compared to the first quarter of 2025 primarily due to:

• the previously noted decrease in Adjusted Net Income of $2.7 million;
• a negative change in net unrealized foreign exchange of $8.6 million; and
• an increase in strategic advisory fees of $0.8 million; partially offset by
• a decrease in income tax, including tax on adjusted items of $0.2 million.

Completed KADEX Acquisition

On April 1, 2026, Chorus completed the acquisition of KADEX for a net purchase price of $50.0 million and expects the acquisition to be immediately accretive to earnings and Free Cash Flow, with anticipated mid-teens returns.

Progressed Aircraft Sales

In 2025, Chorus executed agreements to sell nine Dash 8-400s as they exit the fleet in accordance with the CPA for estimated net proceeds of US $62.0 million, subject to customary closing conditions. Four aircraft have been sold to-date, with the remaining five expected to close by July 2026 generating net proceeds of approximately US $36.4 million.

About Chorus Aviation Inc.

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

For further information on Chorus, please visit www.chorusaviation.com.