Announces 38% Increase in Quarterly Dividend, Up to $100 million in Planned Share Buybacks Over Four Years and Agreement to Acquire Kadex Aero Supply¹

• Fourth quarter net income from continuing operations of $16.7 million, a quarter-over-quarter increase of $66.1 million.
• Full year net income from continuing operations of $78.7 million, a year-over-year increase of $94.5 million.
• Purchased and cancelled 3,759,929 Common Shares, approximately 14% of the December 31, 2024 outstanding Common Shares, for $85.2 million.
• Increased quarterly dividends by 38% bringing it to $0.11 per Common Share, up from $0.08 when initiated in June 2025.
• Announced up to $100 million in planned Common Share buybacks over the next four years.
• Full year Adjusted Earnings available to Common Shareholders of $58.6 million, a year-over-year increase of $32.0 million.
• Full year Adjusted Earnings available to Common Shareholders of $2.27 per Common Share, basic, for the year compared to $0.97 for 2024.
• Full year Adjusted EBITDA of $206.9 million, a year-over-year decrease of $2.2 million.
• Full year Free Cash Flow of $135.3 million, a year-over-year increase of $16.5 million.
• Announced agreement to acquire Kadex Aero Supply Limited (“Kadex”), a distributor of aircraft parts and supplies, for a purchase price of approximately $50.0 million.

HALIFAX, NS, Feb. 12, 2026 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) today announced its fourth quarter 2025 financial results.

“Today’s announcements mark exciting milestones for Chorus, reflecting our execution against our strategy. Our financial results demonstrate strong and stable performance throughout the quarter and year,” said Colin Copp, President and Chief Executive Officer, Chorus. “With our 38% increase in our quarterly dividend, up to $100 million in planned share buybacks over the next four years, and our agreement to acquire Kadex, we are demonstrating our focus on accelerating growth as well as enhancing shareholder returns.”

“Our decision to increase our quarterly dividend to $0.11 per common share reflects our strong Free Cash Flow as well as confidence in the long‑term trajectory of our business. At the same time, our planned share repurchases underscore our commitment to shareholder value,” said Mr. Copp. “Since the beginning of 2025 alone, we have returned over $89 million to shareholders through our dividends and share repurchases.”

“The acquisition of Kadex demonstrates Chorus’ ability to execute against our growth strategy of building higher‑margin platforms and enhancing our overall cash flows. Kadex will also further strengthen our overall aviation, aerospace and defence platforms.”

Q4 Financial Highlights:

• Net income of $16.7 million compared to a loss of $6.6 million for Q4 2024.
• Net income from continuing operations of $16.7 million compared to a net loss of $49.4 million for Q4 2024 primarily due to a positive change in unrealized foreign exchange gains of $28.2 million and the absence of the costs recognized in 2024 related to the redemption of the Preferred Shares of $28.0 million and a 2024 aircraft impairment of $10.5 million.
• Adjusted Earnings available to Common Shareholders of $13.8 million compared to $9.3 million for Q4 2024, primarily due to lower net interest expense partially offset by lower Adjusted EBITDA.
• Adjusted Earnings available to Common Shareholders of $0.57 per Common Share, basic, compared to $0.34 for Q4 2024.
• Adjusted EBITDA of $47.1 million compared to $51.0 million for Q4 2024.
• Free Cash Flow of $27.0 million compared to $27.5 million for Q4 2024.
• Free Cash Flow per Common Share, basic of $1.10 compared to $1.01 for Q4 2024.
• Leverage Ratio of 1.7 compared to 1.4 at December 31, 2024, due to additional cash held at December 31, 2024 as a result of a $58.9 million prepayment of revenue relating to January 2025.

Annual Highlights:

• Net income of $78.7 million compared to a net loss of $156.4 million for 2024.
• Net income from continuing operations of $78.7 million compared to a net loss of $15.8 million for 2024 primarily due to a change in unrealized foreign exchange gains of $43.7 million and the absence of the costs recognized in 2024 related to the redemption of the Preferred Shares of $28.0 million and the 2024 aircraft impairment of $10.5 million.
• Adjusted Earnings available to Common Shareholders of $58.6 million compared to $26.6 million for 2024, primarily due to lower net interest expense.
• Adjusted Earnings available to Common Shareholders of $2.27 per Common Share, basic, compared to $0.97 for 2024.
• Adjusted EBITDA of $206.9 million compared to $209.0 million for 2024.
• Free Cash Flow of $135.3 million compared to $118.8 million for 2024.
• Free Cash Flow per Common Share, basic of $5.25 compared to $4.34 for 2024.

Portfolio of Aircraft Leasing under the CPA 

• Current fleet of 47 wholly-owned aircraft and five spare engines
• Current net book value of $720.5 million
• Future contracted lease revenue US $300.6 million
• Current weighted average fleet age of 9.4 years
• Current weighted average remaining lease term of 4.0 years
• Long-term debt of $261.3 million (US $190.6 million)
• 100% of debt has a fixed rate of interest
• Current weighted average cost of borrowing of 3.29%

Jazz has started the initial phase of an extensive cabin refurbishment program for aircraft operated under the Air Canada Express brand. This refurbishment program includes upgraded Wi-Fi connectivity, larger overhead storage bins, new lightweight seats, in-seat power supply, and refreshed cabin interiors for the E-175s and CRJ900s. In addition, a select number of Dash 8-400s will receive Wi-Fi connectivity for Toronto Billy Bishop service along with Jazz’s previous announcement in May 2024 that its Dash 8-400 fleet would receive new lightweight seats as part of an emissions reduction initiative. All 39 owned aircraft leased under the CPA after 2026 are included in this passenger cabin refurbishment program with all costs associated with the program to be paid by Air Canada.

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 leading provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines and Elisen & Associates, a leading provider of aerospace engineering and certification services. Together, Chorus’ subsidiaries provide services that encompass every stage of an aircraft’s lifecycle, including: contract flying; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning; aircraft acquisition and leasing; and pilot training.