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Chorus Aviation (CHR) investor relations material
Chorus Aviation Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Delivered solid Q3 2025 financial results, with strong execution on strategic plans and operational performance.
Net income for Q3 2025 was $10.7 million, down from $18.4 million in Q3 2024, mainly due to a $12.8 million negative swing in unrealized foreign exchange losses.
Adjusted Earnings available to Common Shareholders rose to $15.4 million from $11.7 million year-over-year, driven by lower net interest expense.
Completed the redemption of Series B debentures, substantially finishing debt repayment and balance sheet restructuring.
Announced a second SIB in 2025, targeting up to $50 million in share repurchases; $35.2 million repurchased year-to-date.
Financial highlights
Adjusted EPS of $0.60, up from $0.43 in Q3 2024, driven by lower corporate costs and net interest expense.
Adjusted EBITDA of $51.6 million, down $2 million year-over-year, primarily due to lower aircraft leasing revenue and reduced activity at Voyageur.
Free cash flow of $33.2 million, up $0.7 million year-over-year.
Leverage ratio at 1.5x as of September 30, 2025, within the targeted 1x-2x range.
Operating revenue for Q3 2025 was $323.6 million, down 5.4% year-over-year.
Outlook and guidance
Expect to realize $20 million in net proceeds from three Dash 8-400 aircraft sales by year-end, with $42 million more from six additional aircraft sales by July 2026.
Voyageur's 2025 revenue is forecasted at $140–$145 million, including $8 million intercompany revenue, with an improved operating income margin of 8.25% versus 7.25% in 2024.
Jazz's Fixed Margin under the CPA is expected to be no less than $59.6 million in 2025 and $43.9 million in 2026.
Capital expenditures for 2025 are projected between $32.5 million and $47.5 million.
2026 forecast U.S./CAD FX rate remains at 1.35; Q4 2025 updated to 1.38.
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