Chorus Aviation Inc. Announces Third Quarter 2025 Financial Results
Financial Highlights:
- Net income of $10.7 million compared to $18.4 million for Q3 2024.
- Net income from continuing operations1 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 Shareholders2 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.
______________________ |
1 The results of discontinued operations (RAL segment) have been excluded from prior period figures, with the exception of net income (loss), in accordance with IFRS 5. All amounts presented and discussed in this press release are from continuing operations unless otherwise noted. |
2 These are non-GAAP financial measures or non-GAAP ratios that are not recognized measures for financial statement presentation under GAAP. As such, they do not have standardized meanings, may not be comparable to similar measures presented by other issuers and should not be considered a substitute for or superior to GAAP results. Refer to "Non-GAAP Financial Measures" for further information. |
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.
Consolidated Financial Analysis
This section provides detailed information and analysis about Chorus' performance from continuing operations for the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024.
(unaudited) (expressed in thousands of Canadian dollars) | Three months ended September 30, | Nine months ended September 30, | ||||||
2025 | 2024(1) | Change | Change | 2025 | 2024(1) | Change | Change | |
$ | $ | $ | % | $ | $ | $ | % | |
Operating revenue | 323,567 | 341,987 | (18,420) | (5.4) | 996,308 | 1,051,799 | (55,491) | (5.3) |
Operating expenses | 298,720 | 315,056 | (16,336) | (5.2) | 917,679 | 972,457 | (54,778) | (5.6) |
Operating income | 24,847 | 26,931 | (2,084) | (7.7) | 78,629 | 79,342 | (713) | (0.9) |
Net interest expense | (3,151) | (8,810) | 5,659 | (64.2) | (10,404) | (26,906) | 16,502 | (61.3) |
Foreign exchange (loss) gain | (5,213) | 6,218 | (11,431) | (183.8) | 7,200 | (7,842) | 15,042 | (191.8) |
Gain on property and equipment | — | 5 | (5) | (100.0) | 10 | 20 | (10) | (50.0) |
Income before income tax | 16,483 | 24,344 | (7,861) | (32.3) | 75,435 | 44,614 | 30,821 | 69.1 |
Income tax expense | (5,817) | (4,542) | (1,275) | 28.1 | (13,399) | (10,952) | (2,447) | 22.3 |
Net income from continuing operations | 10,666 | 19,802 | (9,136) | (46.1) | 62,036 | 33,662 | 28,374 | 84.3 |
Net loss from discontinued operations, net of taxes | — | (1,392) | 1,392 | (100.0) | — | (183,515) | 183,515 | (100.0) |
Net income (loss) | 10,666 | 18,410 | (7,744) | (42.1) | 62,036 | (149,853) | 211,889 | (141.4) |
Net (loss) income attributable to non-controlling interest | — | (1,352) | 1,352 | (100.0) | — | 1,039 | (1,039) | (100.0) |
Net income (loss) attributable to Shareholders | 10,666 | 19,762 | 9,096 | 46.0 | 62,036 | (150,892) | 212,928 | (141.1) |
Adjusted EBITDA(2) | 51,569 | 53,559 | (1,990) | (3.7) | 159,759 | 158,047 | 1,712 | 1.1 |
Adjusted EBT(2) | 21,182 | 16,239 | 4,943 | 30.4 | 61,355 | 46,056 | 15,299 | 33.2 |
Adjusted Net Income(2) | 15,365 | 11,697 | 3,668 | 31.4 | 47,956 | 35,104 | 12,852 | 36.6 |
(1) | The results of discontinued operations (RAL segment) have been excluded from prior period figures, with the exception of net income (loss), in accordance with IFRS 5. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. |
(2) | These are non-GAAP financial measures that are not recognized measures for financial statement presentation under GAAP. As such, they do not have standardized meanings, may not be comparable to similar measures presented by other issuers and should not be considered a substitute for or superior to GAAP results. |
Outlook
(See cautionary statement regarding forward-looking information below.)
The discussion that follows includes forward-looking information. This outlook provides current expectations for the Jazz business in 2025 and 2026 and Voyageur's revenue for 2025. This information may not be appropriate for other purposes.
In the third quarter of 2025, Voyageur further accelerated its shift to higher margin sectors such as defence contracts, parts sales and specialty MRO while scaling back on certain lower margin contract flying impacted by geopolitical factors. As a result, Voyageur's stand-alone revenue is expected to be between $140.0 million and $145.0 million (inclusive of $8.0 million intercompany revenue) against Chorus' 2023 Investor Day Presentation target of approximately $150.0 million (inclusive of intercompany revenue of $8.0 million) for the year ending December 31, 2025. The forecasted revenue reduction impact is offset by an increase in Voyageur's operating income margin of approximately 100 basis points from 7.25% for the year ended December 31, 2024 to 8.25% for the nine months ended September 30, 2025. As part of Voyageur's focus on improved operating margins, two aircraft that were utilized in Voyageur's lower margin contract flying are planned to be sold or parted out.
The CPA provides a Fixed Margin to Jazz regardless of flying levels; therefore, any variations in flying are not expected to have any impact on Jazz's earnings. In addition, Jazz receives compensation for aircraft leased under the CPA that generates predictable Free Cash Flows. Jazz aircraft have amortizing debt that will be fully paid-off at the end of the original lease term under the CPA. At the end of each lease, Jazz will either extend the lease, sell or part-out each aircraft. Subsequent aircraft leases will continue to produce predictable Free Cash Flow at lower rates, however these aircraft will be unencumbered.
Annual Forecast(1) | ||
(unaudited) (in thousands of Canadian dollars) | 2025 $ | 2026(2) $ |
Fixed Margin(3) | 59,600 | 43,900 |
Aircraft leasing under the CPA | ||
Revenue(4) | 123,000 | 104,000 |
Payment on long-term debt and interest | 81,000 | 70,000 |
Total Fixed Margin and Aircraft leasing under the CPA less payment on long-term debt and interest | 101,600 | 77,900 |
Wholly-owned aircraft leased under the CPA (end of period)(4) | 45 | 39 |
Wholly-owned aircraft leased under the CPA available for sale or re-lease (end of period)(4) | 3 | 6 |
(1) | The forecast uses a foreign exchange rate of 1.3800 for the fourth quarter of 2025 and 1.3500 for 2026 to translate USD to CAD. |
(2) | Includes lease rates for 12 Dash 8-400's for 2026 with contracted lease extensions to 2030. |
(3) | The Fixed Margin will decrease to no less than $59.6 million in 2025 and no less than $43.9 million in 2026 with no further changes thereafter. |
(4) | Leases on three Dash 8-400s that expire at the end of 2025 and on six Dash 8-400s that expire in mid-2026. Chorus has entered into agreements to sell all nine of these aircraft with closings anticipated to occur on three aircraft in the fourth quarter of 2025 and on six aircraft between March and July 2026, subject to customary conditions to closing as well as the completion of contractual maintenance events. |
Portfolio of Aircraft Leasing under the CPA
- Current fleet of 48 wholly-owned aircraft and five spare engines
- Current net book value of $746.3 million
- Future contracted lease revenue US $321.9 million1,2
- Current weighted average fleet age of 9.2 years3
- Current weighted average remaining lease term of 4.2 years3
- Long-term debt of $282.4 million (US $202.9 million)
- 100% of debt has a fixed rate of interest
- Current weighted average cost of borrowing of 3.30%
1 | See cautionary statement regarding forward-looking information below. |
2 | The estimates are based on agreed lease rates in the CPA. |
3 | Fleet age and remaining lease term is calculated based on the weighted average of the aircraft net book value. |
Covered Aircraft
The actual and forecasted Covered Aircraft under the CPA for the years 2025 to 2026 are as follows:
Actual | Change | Forecast | Change | Forecast | ||
(unaudited) | September 30, | 2025 | 2025 | 2026 | 2026 | |
Dash 8-400 | Aircraft Leased under the CPA | 34 | (3) | 31 | (6) | 25 |
Other Covered Aircraft | 5 | — | 5 | (5) | — | |
39 | (3) | 36 | (11) | 25 | ||
CRJ900 | Aircraft Leased under the CPA | 14 | — | 14 | — | 14 |
Other Covered Aircraft | 21 | — | 21 | (5) | 16 | |
35 | — | 35 | (5) | 30 | ||
CRJ200 | Aircraft Leased under the CPA | — | — | — | — | — |
Other Covered Aircraft(1) | 8 | — | 8 | (8) | — | |
8 | — | 8 | (8) | — | ||
E175 | Aircraft Leased under the CPA | — | — | — | — | — |
Other Covered Aircraft | 25 | — | 25 | — | 25 | |
25 | — | 25 | — | 25 | ||
Total | Aircraft Leased under the CPA(2)(3) | 48 | (3) | 45 | (6) | 39 |
Other Covered Aircraft | 59 | — | 59 | (18) | 41 | |
107 | (3) | 104 | (24) | 80 | ||
(1) | The 8 CRJ200s as of September 30, 2025 are currently non-operational under the CPA. |
(2) | After 2026, the 39 owned aircraft leased under the CPA have lease expiry dates from 2027 to 2033. Air Canada will determine the composition of the Covered Aircraft fleet on the condition that the fleet must have a minimum of 80 aircraft with 75-78 seats. As leases in respect of owned aircraft mature, the minimum 80 Covered Aircraft fleet will be composed of owned aircraft with lease extensions and/or other Covered Aircraft sourced by Air Canada. |
(3) | Lease expiry dates for owned aircraft are as follows: Dash 8-400s: six expiries in November 2027, seven expiries in 2028 and 12 expiries in 2030; and for CRJ900s: five in 2028, eight in 2032 and one in 2033. |
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.
Capital Expenditures
Capital expenditures in 2025 are expected to be as follows:
(unaudited) (in thousands of Canadian dollars) | Annual Forecast 2025 $ | ||
Capital expenditures, excluding aircraft acquisitions | 18,000 | to | 23,000 |
Capitalized major maintenance overhauls(1) | 10,000 | to | 15,000 |
Aircraft acquisitions and improvements | 4,500 | to | 9,500 |
32,500 | to | 47,500 | |
(1) | The 2025 plan includes between $5.0 million to $9.0 million of costs that are expected to be included in and recovered through the Controllable Costs. |
Use of Defined Terms
Capitalized terms used but not defined in this news release have the meanings given to them in management's discussion and analysis of results of operations and financial condition dated May 6, 2025 (the "MD&A"), which is available on Chorus' website (www.chorusaviation.com) and under Chorus' profile on SEDAR+ (www.sedarplus.ca). In this news release, the term "shareholders" refers only to holders of Common Shares.
Investor Conference Call / Audio Webcast
Chorus will hold an analyst call at 9:00 AM ET on Friday, November 7, 2025, to discuss the third quarter 2025 financial results. The call may be accessed by dialing 1-888-699-1199. The call will be simultaneously audio webcast via: https://app.webinar.net/yJ2QxyORmj8.
This is a listen-in only audio webcast.
The conference call webcast will be archived on Chorus' website at www.chorusaviation.com under Investors > Reports. A playback of the call can also be accessed until midnight ET, November 14, 2025, by dialing toll-free 1-888-660-6345 and using passcode 29417 # (pound key).
NON-GAAP FINANCIAL MEASURES
This news release references several non-GAAP financial measures and ratios to supplement the analysis of Chorus' results. Chorus uses these non-GAAP measures to evaluate and assess performance. These non-GAAP measures are generally numerical measures of Chorus' financial performance, financial position, or cash flows, that include or exclude amounts from the most comparable GAAP measure. As such, these measures are not recognized for financial statement presentation under GAAP, do not have standardized meanings, may not be comparable to similar measures presented by other entities, and should not be considered a substitute for or superior to GAAP results. For further information on non-GAAP measures used in this news release, please refer to Section 17 (Non-GAAP Financial Measures) of the MD&A, which is available on Chorus' website (www.chorusaviation.com) and under Chorus' profile on SEDAR+ (www.sedarplus.ca). Reconciliations of non-GAAP measures to their nearest GAAP measures are provided below.
Adjusted Net Income, Adjusted EBT, Adjusted EBITDA
(unaudited) (expressed in thousands of Canadian dollars) | Three months ended September 30, | Nine months ended September 30, | ||||
2025 $ | 2024(1) $ | Change $ | 2025 $ | 2024(1) $ | Change $ | |
Net income (loss) | 10,666 | 18,410 | (7,744) | 62,036 | (149,853) | 211,889 |
Less: Net loss from discontinued operations, net of taxes | — | (1,392) | 1,392 | — | (183,515) | 183,515 |
Net income from continuing operations | 10,666 | 19,802 | (9,136) | 62,036 | 33,662 | 28,374 |
Add (Deduct) items to get to Adjusted Net Income | ||||||
Unrealized foreign exchange loss (gain) | 4,699 | (8,105) | 12,804 | (14,080) | 1,442 | (15,522) |
Adjusted Net Income | 15,365 | 11,697 | 3,668 | 47,956 | 35,104 | 12,852 |
Add (Deduct) items to get to Adjusted EBT | ||||||
Income tax expense | 5,817 | 4,542 | 1,275 | 13,399 | 10,952 | 2,447 |
Adjusted EBT | 21,182 | 16,239 | 4,943 | 61,355 | 46,056 | 15,299 |
Add (Deduct) items to get to Adjusted EBITDA | ||||||
Net interest expense | 3,151 | 8,810 | (5,659) | 10,404 | 26,906 | (16,502) |
Depreciation and amortization excluding impairment | 26,722 | 26,628 | 94 | 81,130 | 78,705 | 2,425 |
Foreign exchange loss | 514 | 1,887 | (1,373) | 6,880 | 6,400 | 480 |
Gain on disposal of property and equipment | — | (5) | 5 | (10) | (20) | 10 |
30,387 | 37,320 | (6,933) | 98,404 | 111,991 | (13,587) | |
Adjusted EBITDA | 51,569 | 53,559 | (1,990) | 159,759 | 158,047 | 1,712 |
(1) | The results of discontinued operations (RAL segment) have been excluded from prior period figures, with the exception of net income (loss), in accordance with IFRS 5. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. |
Adjusted Earnings available to Common Shareholders per Common Share
Adjusted Earnings available to Common Shareholders per Common Share is used by Chorus to assess performance and is calculated as Adjusted Net Income less non-controlling interest and Preferred Share dividends declared, excluding the MOIC.
(unaudited) (expressed in thousands of Canadian dollars, except per Share amounts) | Three months ended September 30, | Nine months ended September 30, | ||||
2025 $ | 2024(1) $ | Change $ | 2025 $ | 2024(1) $ | Change $ | |
Adjusted Net Income from continuing operations | 15,365 | 11,697 | 3,668 | 47,956 | 35,104 | 12,852 |
Add (Deduct) items to get to Adjusted Earnings available to Common Shareholders | ||||||
Preferred Share dividends declared | — | — | — | — | (17,827) | 17,827 |
Adjusted Earnings available to Common Shareholders - continuing operations | 15,365 | 11,697 | 3,668 | 47,956 | 17,277 | 30,679 |
Adjusted Earnings available to Common Shareholders per Common Share, basic - continuing operations | 0.60 | 0.43 | 0.17 | 1.83 | 0.63 | 1.20 |
(1) | The results of discontinued operations (RAL segment) have been excluded from prior period figures, with the exception of net income (loss), in accordance with IFRS 5. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. |
Leverage Ratio
Leverage Ratio is used by Chorus as a means to measure financial leverage. Leverage Ratio is calculated by dividing Net debt by trailing 12-month Adjusted EBITDA. Management believes Leverage Ratio to be a useful ratio when monitoring and managing debt levels. In addition, as leverage is a measure frequently analyzed for public companies, Chorus has calculated the amount to assist readers in this review. Leverage Ratio should not be construed as a measure of cash flows. Net debt is a key component of capital management for Chorus and provides management with a measure of its net indebtedness.
(unaudited) (expressed in thousands of Canadian dollars) | September 30, 2025 | December 31, 2024(1) | Change |
$ | $ | $ | |
Long-term debt and lease liabilities (including current portion) | 345,440 | 516,379 | (170,939) |
Less: | |||
Cash | (26,537) | (222,216) | 195,679 |
Adjusted Net Debt | 318,903 | 294,163 | 24,740 |
Adjusted EBITDA(1) | 210,749 | 209,037 | 1,712 |
Leverage Ratio | 1.5 | 1.4 | 0.1 |
(1) | The results of discontinued operations (RAL segment) have been excluded from prior period figures, with the exception of net income (loss), in accordance with IFRS 5. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. |
Free Cash Flow
Free Cash Flow is a non-GAAP measure used as an indicator of financial strength and performance. Chorus believes that this measurement is useful as an indicator of its ability to service its debt, meet other ongoing obligations and reinvest in the Corporation and return capital to Common Shareholders. Readers are cautioned that Free Cash Flow does not represent residual cash flow available for discretionary expenditures.
Free Cash Flow is defined as cash provided by operating activities less net changes in non-cash balances related to operations, capital expenditures excluding aircraft acquisitions and improvements. Following the sale of the RAL business in December 2024, asset sales are no longer considered part of the ordinary course of Chorus' business. Therefore, net proceeds from asset sales are no longer included in Free Cash Flow.
The following table provides a reconciliation of Free Cash Flow to cash flows from operating activities, which is the most comparable financial measure calculated and presented in accordance with GAAP:
(unaudited) (expressed in thousands of Canadian dollars) | Three months ended September 30, | Nine months ended September 30, | ||||
2025 | 2024(1) | Change | 2025 | 2024(1) | Change | |
$ | $ | $ | $ | $ | $ | |
Cash provided by operating activities from continuing operations | 39,219 | 27,657 | 11,562 | 39,534 | 151,707 | (112,173) |
Add (Deduct) | ||||||
Net changes in non-cash balances related to operations | 5,135 | 12,725 | (7,590) | 91,984 | (37,887) | 129,871 |
Capital expenditures, excluding aircraft acquisitions | (6,133) | (3,769) | (2,364) | (12,857) | (9,303) | (3,554) |
Capitalized major maintenance overhauls | (5,039) | (4,166) | (873) | (10,335) | (13,212) | 2,877 |
Free Cash Flow | 33,182 | 32,447 | 735 | 108,326 | 91,305 | 17,021 |
(1) | The results of discontinued operations (RAL segment) have been excluded from prior period figures, with the exception of net income (loss), in accordance with IFRS 5. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. |
Adjusted Return on Equity
Adjusted Return on Equity is a non-GAAP financial measure used to gauge a corporation's profitability and how efficient it is in generating profits. Adjusted Return on Equity is calculated based on Chorus' Adjusted Net Income less non-controlling interest and Preferred Share dividends declared, excluding the MOIC, divided by Average Shareholders' equity excluding non-controlling interest, Preferred Shares and cash.
(unaudited) (expressed in thousands of Canadian dollars) | Trailing 12-months ended | ||
September 30, | December 31, | ||
2025 | 2024 | Change | |
$ | $ | $ | |
Adjusted Net Income from continuing operations(1) | 57,298 | 44,446 | 12,852 |
Add (Deduct) items to get to Adjusted Earnings available to Common Shareholders | |||
Preferred Share dividends declared, excluding MOIC(2) | — | (17,827) | 17,827 |
Adjusted Earnings available to Common Shareholders(2) | 57,298 | 26,619 | 30,679 |
Average equity attributable to Common Shareholders excluding cash | |||
Average Shareholders' equity | 599,943 | 896,209 | (296,266) |
Add (Deduct) items to get to average equity attributable to Common Shareholders excluding cash | |||
Average Non-controlling interest | (44,456) | (43,293) | (1,163) |
Average Preferred Shares | — | (187,609) | 187,609 |
Average Cash(1) | (25,102) | (126,385) | 101,283 |
530,385 | 538,922 | (8,537) | |
Adjusted Return on Equity(1) | 10.8 % | 4.9 % | 5.9 % |
(1) | The results of discontinued operations (RAL segment) have been excluded from prior period figures, with the exception of net income (loss), in accordance with IFRS 5. All amounts presented and discussed in this release are from continuing operations unless otherwise noted. |
(2) | Adjusted Earnings available to Common Shareholders excludes the MOIC payment in December 2024 of $91.2 million as the Preferred Shares were redeemed early due to the sale of the RAL business. |
Forward-Looking Information
This news release includes forward-looking information and statements within the meaning of applicable securities laws (collectively, "forward-looking information"). Forward-looking information is identified by the use of terms and phrases such as "aims", "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "potential", "predict", "project", "will", "would", and similar terms and phrases, including negative versions thereof. All information and statements other than statements of historical fact are forward-looking and by their nature, are based on various underlying assumptions and expectations that are subject to known and unknown risks, uncertainties and other factors that may cause actual future results, performance or achievements to differ materially from those indicated in the forward-looking information. As a result, there can be no assurance that the forward-looking information included in this news release will prove to be accurate or correct.
Examples of forward-looking information in this news release include the discussion in the Outlook section and statements regarding Chorus' future performance, the future profitability of the CPA, Chorus' growth prospects (including growth within Voyageur) and Chorus' ability to return capital to Common Shareholders (including through dividends or share buybacks). Actual results may differ materially from those anticipated in forward-looking information for a number of reasons including: changes in the aviation industry and general economic conditions; the emergence of disputes with contractual counterparties (including under the CPA); a deterioration in Air Canada's financial condition; Jazz's inability to fully recover all Controllable Costs through Controllable Cost Revenue; Voyageur's inability to realize potential growth opportunities; any default by Chorus under debt covenants; asset impairments; changes in law; litigation; the imposition of tariffs on Canadian exports or imports or adverse changes to existing trade agreements and/or relationships; and the risk factors in Chorus' Annual Information Form dated February 19, 2025, and in Chorus' public disclosure record available under its profile on SEDAR+ at www.sedarplus.ca.
The forward-looking information contained in this news release represents Chorus' expectations as of the date of this news release (or as of the date they are otherwise stated to be made) and is subject to change after such date. Chorus disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, subsequent events or otherwise, except as required by applicable securities laws. Readers are cautioned that the foregoing factors and risks are not exhaustive.
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.
Chorus Class A Variable Voting Shares and Class B Voting Shares trade on the Toronto Stock Exchange under the trading symbol 'CHR'. Chorus' 5.75% Senior Unsecured Debentures due June 30, 2027 trade on the Toronto Stock Exchange under the trading symbol 'CHR.DB.C'. For further information on Chorus, please visit www.chorusaviation.com.
SOURCE Chorus Aviation Inc.
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