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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.
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Q2 2025 earnings summary6 Aug, 2025

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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Frequently asked questions

Chorus Aviation Inc provides regional aviation services including aircraft leasing, maintenance, and flight operations. It operates a fleet of aircraft under agreements with major airlines and offers aviation support services globally. The company is headquartered in Halifax, Canada, and its shares are listed on the TSX.

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