Chorus Aviation Inc. · TSX:CHR
Chorus Aviation — Q4 2025 Earnings Presentation
24 slides from Chorus Aviation's earnings presentation, Feb 13, 2026
Slide 1: Investor Presentation
TSX: CHR Investor Presentation February 12, 2026
Slide 2: Contents
2 Contents 1. Investment Overview & Highlights • Key Investment Highlights 2. Financial Performance • 2025 Financial Highlights 3. Chorus Overview • Management Team • Our Companies 4. Capital Allocation & Shareholder Returns • Capital Allocation Priorities • Planned Capital Allocation • Growth Oppor
Slide 3: Notice to Reader
Notice to Reader 3 Purpose Of This Presentation This presentation is to be used solely as part of Chorus Aviation Inc. (“Chorus”) management’s investor relations program. This presentation does not constitute an offer or solicitation in connection with any securities. Date of Financial Information a
Slide 4: Notice to Reader
Notice to Reader 4 Caution Regarding Forward-looking Information (continued) The forward-looking information contained in this presentation represents Chorus’ expectations as of the date of this presentation (or as of the date they are otherwise stated to be made) and is subject to change after such
Slide 5: Key Investment Highlights
5 Key Investment Highlights Driving long-term shareholder value by building a powerful, cash-generating portfolio of aviation, aerospace, and defence companies that grow stronger together Trusted Canadian partner with deep sector expertise and established industry relationships Stable and predictabl
Slide 6: 2025 Financial Highlights
2025 Financial Highlights 6 Adjusted EBITDA1,2 Adjusted Earnings available Free Cash Flow1,2 Leverage Ratio1,2 $ (millions) $ (millions) to Common Shareholders – continuing operations1,2 206.9 209.0 $ (millions) 1.7 135.3 58.6 118.8 1.4 26.6 47.1 51.0 13.8 27.0 27.5 9.3 Q4 '25 Q4 '24 2025 2024 Q4 '2
Slide 7: About Chorus
About Chorus 7 Colin Copp Randolph deGooyer Gary Osborne Jill McKim Anil Mohan President and Chief Executive Chief Operating Officer Chief Financial Officer Vice President, Legal and Vice President, General Officer Corporate Secretary Counsel An exceptional roster of industry veterans with an extens
Slide 8: Our Companies
Our Companies 8 Voyageur Aviation: A global provider of specialty charter, aircraft modifications, parts provisioning, and in-service support services Kadex Aero Supply: An established distributor of aircraft parts and supplies (Acquisition expected to close during second quarter 2026) Elisen & Asso
Slide 9: Capital Allocation Priorities
9 Capital Allocation Priorities Growth Investment Adjusted Return on Equity1 target of mid-teens for organic growth and acquisitions Target Accretive Growth and Return of Capital to Shareholders Return of Capital Returning capital to shareholders through share buybacks and quarterly dividends 1. Thi
Slide 10: Planned Capital Allocation
10 Planned Capital Allocation Next Four Fiscal Years Provide Strong Ability to Grow Shareholder Value Amortizing Term Loan Targeted Repayments 1. Significant Cash Generation Share $190M Buybacks 2. Share Buybacks $100M $500 - $550 3. Dividend Growth Million Planned Capital Allocation $40M 4. Acquisi
Slide 11: Growth Opportunities
Growth Opportunities Recent Accomplishments • Chorus is focused on high-potential sectors, leveraging substantial strengths • Announced acquisition of Kadex Aero Supply on February 12, 2026 for $50 million, subject to customary adjustments inclusive of contingent consideration. and capabilities in a
Slide 12: Growing Quarterly Dividend
12 Growing Quarterly Dividend Annualized Dividend per Share 38% Increase Announced for Q1 2026 • On February 12, 2026, announced a 38% increase in the quarterly cash dividends to $0.44 $0.11 from $0.08 per share • Management is focused on growing Chorus’ $0.32 earnings and cash flows over time and a
Slide 13: Significant Share Buybacks
13 Significant Share Buybacks Cumulative Share Buybacks (Millions CAD$) • Repurchased $85 million of shares in 2025 and 224 cancelled 13% of outstanding shares1 • Since 2022, repurchased $124 million in shares and cancelled 19% of outstanding shares1 124 • Committed up to an additional $100 million
Slide 14: Strong & Flexible Balance Sheet
Strong & Flexible Balance Sheet 14 • Targeted Leverage Ratio range of 1.0 – 2.0x • Amortizing debt for aircraft leased under the CPA matched to Air Canada lease payments • Declining aircraft debt profile provides ability to fund growth and acquisitions through new debt and current Free Cash Flows1 L
Slide 15: Appendices
15 Appendices
Slide 16: Planned Capital Allocation of $500 - $550 Million
Planned Capital Allocation of $500 - $550 Million 16 Next Four Fiscal Years Free Cash Flow1 & Net Proceeds on Asset Sales Provides Significant Capital to Deploy Amortizing Term Loan Amortizing Term Loan Repayments Repayments • Includes repayments for aircraft and engines leased under the Targeted CP
Slide 17: Fleet
Fleet 47 59 21 Covered Aircraft Leased Under the CPA (Owned) 33 Dash 8-4001 Other Covered Aircraft 8 CRJ2002 Voyageur Aircraft 5 CRJ200 127 Total Current 14 CRJ900 21 CRJ900 3 King Air 200 5 Dash 8-400 1 King Air 350 Aircraft3,4 25 E175 2 Dash 8-100 10 Dash 8-300 In 2026 total Covered Aircraft und
Slide 18: Voyageur Aviation Overview
Voyageur Aviation Overview Voyageur delivers on defence and government programs, comprehensive aerospace engineering, Voyageur Areas Of Work specialty maintenance services including major repair and modification, provisioning of aircraft parts and major Defence & Government: Special mission aircraft
Slide 19: Kadex Aero Supply Overview
Kadex Aero Supply Overview Kadex Aero Supply, founded in 1994, is an aviation parts distributor serving MROs, general aviation, Kadex Aero Supply Capabilities commercial operators, and business aviation. Parts Distribution: Broad catalog of OEM and FAA Kadex Aero Supply provides comprehensive parts
Slide 20: Cygnet Aviation Academy Overview
Cygnet Aviation Academy Overview 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 Transport Pilot Licence without •
Slide 21: Elisen & Associates Overview
Elisen & Associates Overview Elisen is a leading provider of aerospace Elisen Capabilities engineering and certification services offering a wide range of engineering solutions serving multiple Aircraft Structures: Design and modification of aircraft market segments: components, including static str
Slide 22: Jazz Aviation Overview
Jazz Aviation Overview As the primary Air Canada Express service provider, Jazz Capacity Purchase Agreement operates more daily flights to more Canadian destinations With Air Canada than any other airline, underscoring its integral role in Air Canada’s network. Jazz operates under a Capacity Purchas
Slide 23: Jazz Aviation Overview
Jazz Aviation Overview Steady Free Cash Flow1 Generation from CPA Owned Aircraft Leased Under the CPA • Fixed Fee of $43.9 million per year through 2035, totalling $439 million over 39 39 39 39 the 10-year period (2026 - 2035) • Performance incentive revenue of up to $2 million annually 12 18 • Cont
Slide 24: Endnotes
Endnotes 24 1. Chorus’ expected 2026 – 2029 capital allocation of $500 - $550 million shown on slides 10 and 16 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: • Approximatel