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Chorus Aviation (CHR) investor relations material
Chorus Aviation Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Reported a strong quarter with net income of $32.4 million in Q2 2025, reversing a $180.6 million loss in Q2 2024, driven by the RAL business sale, Voyageur growth, and lower corporate costs.
Adjusted earnings per share rose to $0.66 from $0.07 year-over-year, with adjusted earnings available to common shareholders at $17.2 million.
Initiated a quarterly dividend of $0.08 per share, targeting 25% of free cash flow after debt repayments, and completed $27.2M in share repurchases year-to-date.
Announced the acquisition of Ellison and Associates (Elisen & Associates Inc.) to enhance aerospace engineering and MRO capabilities.
Announced redemption of $28.7M in Series B debentures to strengthen the balance sheet.
Financial highlights
Adjusted EBITDA reached $51.3M in Q2 2025, up $0.8M year-over-year, mainly due to Voyageur's strong performance and lower overhead.
Free cash flow increased to $34.6M from $28.2M in Q2 2024.
Year-to-date adjusted EBITDA was $108.2M, up $3.7M from the prior year period.
Net income from continuing operations for the first half of 2025 was $51.4M, up $37.5M year-over-year.
Leverage ratio at 1.5x, within the targeted 1–2x range, with $246.5M in liquidity.
Outlook and guidance
Voyager expected to achieve $150M in total revenue for 2025, reaffirming previous guidance.
Jazz's Fixed Margin under the CPA is forecasted at no less than $59.6M in 2025 and $43.9M in 2026, with predictable free cash flow from aircraft leases.
Updated US/CAD FX rate in outlook to 1.35 from 1.4, reflecting a weaker US dollar; minimal impact on net results after debt payments.
Capital expenditures for 2025 projected between $30.5M and $45.5M, including maintenance and aircraft improvements.
Jazz's cabin refurbishment program is underway, with all costs covered by Air Canada.
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