Chorus Aviation Inc. · TSX:CHR
Chorus Aviation — Investor Presentation (September 2026)
28 slides from Chorus Aviation's investor presentation, September 2026
Slide 1: Investor Presentation
September 2026 Investor Presentation
Slide 2: Note to Reader
Note to Reader Forward Looking Statements This presentation contains 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”, “
Slide 3: Canada's trusted partner and a global leader in aviation, aerospace and defence
Canada’s largest regional airline Specialized technical, component and flight solutions Canada’s trusted partner and a global leader in aviation, Aircraft parts distribution and maintenance services aerospace and defence. Aerospace engineering and certification A full description of each of our busi
Slide 4: Investment Highlights
Investment Highlights1 Predictable Free Cash Flow2 and Aircraft Sale Net Proceeds • $500–550M expected from 2026–20293 • Supported by existing operations, organic growth, anticipated lease renewals, and planned aircraft sales3 Disciplined Capital Allocation $500–550M Expected Free Cash • Mid-teens u
Slide 5: Chorus Transformed
Chorus Transformed Simplified Business. Delevered Balance Sheet. Focused Growth. 2023A Capital-Intensive Transformation Today Poised For Shareholder Model Value Creation Growing diversification with operational Regional airline + aircraft leasing synergies, significant net income for future Aviation
Slide 6: Capital Allocation Priorities 2026-2029
Capital Allocation Building A Stronger Chorus6 Priorities 2026-20291,5 $140M $190M Return Of Capital Debt Repayment High-Return Growth 1 Up to $100M share Scheduled Organic + M&A repurchase target2 amortizing term $40M current annual $140M $190M loan payments Return Of Capital dividend3 Repayments 2
Slide 7: Jazz Provides Chorus Contracted Cash Flow Through 2035
Jazz Provides Chorus Contracted Cash Flow Through 20351 CPA gives Air Canada cost competitiveness, labour stability and an efficient regional network – Chorus gets predictable cash flow1 Strategic Value To Air Canada2 Predictable Cash Flow for Chorus ~70 $44M Destinations Fixed margin per year3 ~400
Slide 8: Meaningful Capital Returned Through Share Repurchases
Meaningful Capital $144M Shares Repurchased Since 2022 Cumulative Share Repurchases CAD millions Returned Through $224M Potential by 2029: Share Repurchases1 $224M total repurchases $144M (2022- $144M repurchased since 2022 $124M 2029)1,3,4 $105M repurchased in 2025 and H1 2026 22% of shares c
Slide 9: Dividend Reinstated & Growing
Annualized Dividend per Share3,4 Dividend Reinstated CAD dollars & Growing1 Possible increase from FCF growth and loan amortization1 38% $0.44 38% increase in quarterly dividend since Increase reinstatement in June 2025 $0.32 25% target payout ratio2 $40M in annual dividends in 2026-20293 Grow
Slide 10: Advancing The Growth Strategy
Advancing The Growth Strategy Building scale across parts, engineering, defence and specialty aviation services PARTS & DISTRIBUTION ENGINEERING & CERTIFICATION DEFENCE & SPECIAL MISSION KADEX acquired Elisen acquired Voyageur momentum • ~$50M/7.5x TTM EBIT acquisition • Mission-critical engineering
Slide 11: M&A Strategy: Building a Specialized Aviation Platform
M&A Strategy: Building a Specialized Aviation Platform Targeted acquisitions will expand capabilities across aviation, aerospace and defence services Where Chorus Is Looking1 Specialty MRO & Parts Sales & Pilot Training Defence & Gov’t Flying Operations Engineering Component Repair Services We are b
Slide 12: Why Chorus Wins in M&A
Why Chorus Wins in M&A Industry relationships create access to proprietary opportunities Financial Buyer Industry Generic sector knowledge Aviation, aerospace and defence operators Expertise Acquisition Pipeline Broker-driven process Operating Trusted industry relationships Value Creation Financial
Slide 13: Macro Tailwinds Expand The Opportunity Set
Macro Tailwinds Expand The Opportunity Set1 Canadian defence, Arctic sovereignty, and strategic infrastructure investment support demand for domestic capabilities Defence & Security Investment Spending accelerating across readiness, resilience and sovereign capability Stronger National Security and
Slide 14: $500-550M of Planned Capital Allocation
$500-550M of Free Cash Flow and Aircraft Sale Net Planned Capital Proceeds Forecast (2026–2029) 1,2,3,4 $500-550M Total Planned Allocation1 $320-360M Capital Allocation Forecast supported by contracted operations, planned aircraft sales, and conservative organic growth. $107–$120M average Contracted
Slide 15: Strong Balance Sheet
Strong Balance Sheet Low Leverage, Within Target Declining Aircraft Debt Profile2 Leverage Ratio1 Amortizing Term Loan Balance (Aircraft/Engines Leased Under CPA)3,4 3.0x Year End Balance in CAD millions $261M 2.5x Amortizing debt for aircraft leased under the 1.0x–2.0x CPA matched to Air Canada lea
Slide 16: Asset Backed Portfolio Value
Asset Backed Portfolio Value Diverse, high-quality assets supporting our platform Total Assets As at June 30, 2026 (CAD) Aircraft Fleet Book Value: C$637 million1 Other Assets $129M 41 53 23 117 Receivables CPA (Owned) Other Covered Aircraft Voyageur Total Fleet2 $93M (Non-owned) Inventory Book Valu
Slide 17: Our Leadership
Our Leadership Deep aviation experience across operations, finance and specialized services. Colin Copp Randolph deGooyer Gary Osborne President & CEO Chief Operating Officer Chief Financial Officer Doug Clarke Cory Cousineau Lynne McMullen Stéphan Durand Taif Rahman John Lavery President, Jazz Avia
Slide 18: Appendix
Appendix Chorus Aviation Investor Presentation 18
Slide 19: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights Adjusted EBITDA1 Adjusted Net Income1 Free Cash Flow1 Leverage Ratio1 ($ millions) ($ millions) ($ millions) 50.7 51.3 34.6 1.7 32.3 19.1 1.5 14.1 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q4 2025 1. Adjusted EBITDA, Adjusted Net Income, Free Cash Flow and
Slide 20: Jazz Aviation
Jazz Aviation Jazz is the largest regional airline in Canada and the Benefits for Jazz Jazz Responsibilities primary operator of Air Canada Express flights to 70 • Ticket pricing, passenger • Aircraft operations and destinations across North America, underscoring its load factors, and maintenance in
Slide 21: Jazz CPA Economics
Jazz CPA Economics • Fixed Fee of $43.9M per year totalling $439 million over the 10- year period (2026–2035) Owned Aircraft Leased Under CPA • Performance incentive revenue of up to $2M annually Encumbered Unencumbered • Controllable Cost Guardrail of +/- $2M protects profits 39 39 39 39 • Guarante
Slide 22: 30+ Year Partnership with Air Canada
CPA History Timeline 30+ Year Partnership with Air Canada 1980–2000 Regional flying operated within Air Canada and Long-term Contracted Revenue Low-Cost Regional Operations predecessor organizations • CPA extended through 2035 • Regional operations at lower cost 2001 Jazz established as Air • Fixed
Slide 23: Voyageur Aviation
Voyageur Aviation Specialized aviation services across defence, engineering, MRO, parts and mission operations. Voyageur Areas Of Work • Aircraft transitions and storage Defence & Government • Engineering and overhaul Special mission aircraft for ISR, SAR, firefighting, and • Disassembly & parts sal
Slide 24: KADEX Aero Supply
KADEX Aero Supply A leading aviation parts distributor providing availability, technical expertise, and response support across KADEX Aero Supply Capabilities multiple aircraft platforms. Parts Distribution • Extensive Parts Availability: Broad inventory of OEM and FAA Broad catalog of OEM and FAA P
Slide 25: Cygnet Aviation Academy
Cygnet Aviation Academy Cygnet Aviation is a state-of-the-art professional Cygnet Programs flight training academy preparing First Officer- ready candidates for Canadian airlines. Free Agent Program Designed to provide students with their Integrated Airline • Partnered with CAE to deliver ab-initio
Slide 26: Elisen & Associates
Elisen & Associates Elisen is a leading provider of aerospace engineering and certification services offering a wide range of engineering Elisen Capabilities solutions serving multiple market segments: Aircraft Structures Aircraft Loads & Design and modification of Performance • Commercial Aviation
Slide 27: Endnotes
Endnotes 1. Chorus’ expected 2026 – 2029 capital allocation of $500 - $550 million is based on deployment of Free Cash Flows generated and net proceeds management expects to receive on aircraft sales and are based on management’s best estimates, including: • Approximately $422 - $472 million of Free
Slide 28: Contact
TSX:CHR Contact Gary Osborne, CFO gary.osborne@chorusaviation.com Chorus Aviation Investor Presentation 28
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