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.

HALIFAX, NS, April 1, 2026 /CNW/ – Chorus Aviation Inc. (“Chorus“) (TSX: CHR) today announced it has completed the acquisition of Kadex Aero Supply Ltd., a leading independent distributor of original equipment manufacturers (OEM) aircraft parts, supplies, and repair and overhaul services. The acquisition was announced on February 12, 2026.

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; 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.

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.

HALIFAX, NS, Feb. 12, 2026 /CNW/ – Chorus Aviation Inc. (‘Chorus’) (TSX: CHR) is pleased to announce that it has entered into an agreement to acquire Kadex Aero Supply Ltd. (‘Kadex’), a leading independent distributor of aircraft parts, supplies and repair and overhaul services. The acquisition is expected to close during the second quarter of 2026.

Kadex, a private company founded by principals John Lavery and Ken Blow in 1994, generated approximately $60 million¹ in revenue in 2025. Kadex employs approximately 50 people across two locations, with its main location in Peterborough, Ontario and a regional supply location in Calgary, Alberta.  The company’s strong partnerships with over 70 different original equipment manufacturers (‘OEM’) and deep technical expertise provide its customers with value-added one-stop shopping.

“This acquisition represents a significant step forward in our strategy to grow and diversify Chorus’ aviation, aerospace and defence services,” said Colin Copp, President and Chief Executive Officer, Chorus. “Kadex is a highly respected company with strong OEM and customer relationships and has a proven operating model with a growing revenue stream that is expected to enhance the durability of our earnings profile.”

“Kadex will add a complementary platform to our used serviceable materials business, delivering consistent cash flows aligned with our long‑term focus on shareholder value,” noted Mr. Copp. “We look forward to welcoming John, Ken, and the entire Kadex team to Chorus, as they continue to build on the strong foundation they have created for the Kadex brand and reputation.”

“Over the past 30 plus years, we have been focused on building a leading company committed to servicing our customers’ aviation supply needs. Becoming part of the Chorus family of businesses is an exciting next step for Kadex and our employees – and we look forward to working with the Chorus team as we continue to grow our business,” said John Lavery, President and CEO, Kadex.

Acquisition Details

On February 12, 2026, Chorus entered into an agreement to acquire Kadex for total consideration of approximately $50 million, subject to customary adjustments inclusive of contingent consideration. The purchase price will be funded by $43 million in cash with the remainder of the purchase price payable over the next two years subject to meeting certain performance targets. This acquisition is subject to customary closing conditions and is expected to close during the second quarter of 2026.

The acquisition is expected to be immediately accretive to Chorus’ earnings and cash flow from the date of closing and Kadex will significantly expand and grow our aircraft parts sales business. The acquisition of Kadex will be financed through cash.

This acquisition aligns with Chorus’ disciplined approach to capital allocation, focusing on high‑return opportunities while reinforcing stable cash flows and delivering sustainable shareholder value.

Kadex will provide Chorus with enhanced service breadth especially in the aviation parts market, deep customer relationships and advances Chorus’ goal of building a diversified and complementary aviation, aerospace and defence platform.

All dollar amounts are expressed in Canadian dollars.

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.

Financial Highlights:

• Net income of $10.7 million compared to $18.4 million for Q3 2024.
• Net income from continuing operations of $10.7 million compared to $19.8 million for Q3 2024 primarily due to a change in unrealized foreign exchange losses of $12.8 million.
• Adjusted Earnings available to Common Shareholders of $15.4 million compared to $11.7 million for Q3 2024, primarily due to lower net interest expense.
• Adjusted Earnings available to Common Shareholders of $0.60 per Common Share, basic, compared to $0.43 for Q3 2024.
• Adjusted EBITDA of $51.6 million compared to $53.6 million for Q3 2024.
• Free Cash Flow of $33.2 million compared to $32.4 million for Q3 2024.
• Leverage Ratio of 1.5 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.

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

“Chorus’ third quarter results reflect solid financial performance, a clear focus on delivering shareholder value and continued execution on our strategic priorities,” said Colin Copp, President and Chief Executive Officer, Chorus. “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. Our strategic emphasis on these areas reflects an expedited move away from geo-politically sensitive specialty flying.”

“Continuing with our focus on delivering value to our shareholders, we recently announced a substantial issuer bid to repurchase up to $50.0 million of our Common Shares, redeemed our Series B Debentures and executed agreements to sell nine Dash 8-400 aircraft that are due to exit Jazz’s capacity purchase agreement for US $62.0 million,” noted Mr. Copp. “This is in addition to initiating a quarterly cash dividend of $0.08 per Common Share and buying back $35.2 million in Common Shares purchased since the start of this year.”

“This quarter, we were pleased to welcome the Elisen team to Chorus, an acquisition that enables us to better pursue adjacencies in specialized engineering and defence contracting,” said Mr. Copp.

Third Quarter Summary

In the third quarter of 2025, Chorus reported Adjusted EBITDA from continuing operations of $51.6 million, a decrease of $2.0 million compared to the third quarter of 2024 primarily due to:

• a decrease in aircraft leasing revenue under the CPA of $2.5 million primarily due to a change in lease rates on certain aircraft partially offset by a higher US dollar exchange rate;
• a decrease in Voyageur’s parts sales, contract flying and MRO activity; and
• a decrease in capitalization of major maintenance overhauls on owned aircraft of $0.4 million; partially offset by
• a decrease in general administrative expenses primarily attributable to lower overhead costs.

Adjusted Net Income from continuing operations was $15.4 million for the quarter, an increase of $3.7 million compared to the third quarter of 2024 primarily due to:

• a decrease in net interest costs of $5.7 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 in the first quarter of 2025 and the absence of any draw in the current quarter under the Operating Credit Facility; and
• a positive change in foreign exchange of $1.4 million; partially offset by
• a $2.0 million decrease in Adjusted EBITDA as previously described; and
• an increase of $1.3 million in income tax expense.

Net income from continuing operations was $10.7 million, a decrease of $9.1 million compared to the third quarter of 2024 primarily due to:

• a negative change in net unrealized foreign exchange of $12.8 million; partially offset by
• the previously noted increase in Adjusted Net Income of $3.7 million.

Year-to-Date Summary

Chorus reported Adjusted EBITDA from continuing operations of $159.8 million for the nine months ended September 30, 2025, an increase of $1.7 million compared to the same prior year period primarily due to:

• an increase in Voyageur’s parts sales, contract flying and MRO activity;
• a decrease in stock-based compensation of $2.8 million due to the recognition of the immediate vesting of certain restricted share units in Q2 2024 related to the sale of the RAL business and the change in fair value of the Total Return Swap offset by an increase in the Common Share price; and
• a decrease in general administrative expenses primarily attributable to lower overhead costs; partially offset by
• a decrease in aircraft leasing revenue under the CPA of $6.7 million primarily due to a change in lease rates on certain aircraft partially offset by a higher US dollar exchange rate; and
• a decrease in capitalization of major maintenance overhauls on owned aircraft of $3.3 million.

Adjusted Net Income from continuing operations of $48.0 million, an increase of $12.9 million compared to the same prior year period primarily due to:

• a $1.7 million increase in Adjusted EBITDA as previously described; and
• a decrease in net interest costs of $16.5 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 in the first quarter of 2025 and the absence of any draw in the current quarter under the Operating Credit Facility; partially offset by
• an increase of $2.4 million in income tax expense primarily due to the increase in EBT, adjusted to remove non-taxable unrealized foreign exchange gains and certain non-deductible expenses partially offset by an income tax recovery of $3.1 million related to non-capital loss carrybacks resulting from taxes paid on the redemption of Preferred Shares;
• an increase in depreciation expense of $2.4 million primarily attributable to capital expenditures; and
• a negative change in foreign exchange of $0.5 million.

Net income from continuing operations of $62.0 million, an increase of $28.4 million compared to the same prior year period primarily due to:

• the previously noted increase in Adjusted Net Income of $12.9 million; and
• a positive change in net unrealized foreign exchange of $15.5 million.

Adjusted Earnings available to Common Shareholders from continuing operations was $48.0 million, an increase of $30.7 million compared to the same prior year period primarily due to:

• the previously noted increase in Adjusted Net Income of $12.9 million; and
• the elimination of Preferred Share dividends of $17.8 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 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.