Chorus Aviation Inc. · TSX:CHR
Chorus Aviation — Investor Presentation (November 2026)
29 slides from Chorus Aviation's investor presentation, November 2026
Slide 1: Investor Presentation
November 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”, “a
Slide 3: Canada's trusted partner and a global leader in aviation, aerospace and defence
Primary operator of Air Canada Express services Specialized technical, component and flight solutions Specialized technical, component and flight solutions Canada’s trusted Aircraft parts distribution and maintenance services partner and a global leader in aviation, Air ambulance and specialized cha
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 $161M Shares Repurchased Since 2022 Cumulative Share Repurchases CAD millions Returned Through $224M Potential by 2029: Share Repurchases1 $161M $224M total repurchases (2022- $161M repurchased since 2022 $124M 2029)1,3,4 $122M repurchased in 2025 and YTD Q3 2026 24% of shar
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: Forecast Revenue Growth in Non-CPA Businesses
Revenue Baseline & Forecast1 Forecast Revenue Growth in Part sales, MRO and defence, contract flying and training, and other $300M $265M $220M Revenue is forecast to grow from $200M $134M baseline in 2025 to $265M-$300M by 20271,2 $134M 2025 2026E 2027E 1. Refer to the caution regarding forward-lo
Slide 11: 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 AIR AMBULANCE & CHARTERS KADEX acquired Elisen acquired Voyageur momentum SkyCare acquired • ~$50M/7.5x TTM EBIT
Slide 12: M&A Strategy: Building a Diversified Aviation, Aerospace, and Defence Operating Platform
M&A Strategy: Building a Diversified Aviation, Aerospace, and Defence Operating 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
Slide 13: 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 14: 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 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 September 30, 2026 (CAD) Aircraft Fleet Book Value: C$615 million1,2 Other Assets $119M 40 45 22 107 CPA (Owned) Other Covered Aircraft Voyageur Total Fleet3 Receivables (Non-owned) $116M Inventory B
Slide 17: Our Leadership
Our Leadership Deep aviation experience across operations, finance and specialized services. Colin Copp Randolph deGooyer Gary Osborne President & CEO Chief Operating Officer Chief Financial Officer Doug Clarke Cory Cousineau Lynne McMullen Stéphan Durand Taif Rahman John Lavery Frank Behrendt Presi
Slide 18: Appendix
Appendix Chorus Aviation Investor Presentation 18
Slide 19: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights Adjusted EBITDA1 Adjusted Net Income1 Free Cash Flow1 Leverage Ratio1 ($ millions) ($ millions) ($ millions) 33.2 51.6 15.4 1.7 15.1 47.7 27.0 1.4 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q4 2025 1. Adjusted EBITDA, Adjusted Net Income, Free Cash Flow and
Slide 20: Jazz Aviation
Jazz Aviation Jazz is the primary operator of Air Canada Express flights Benefits for Jazz Jazz Responsibilities to 70 destinations across North America, underscoring • Ticket pricing, passenger • Aircraft operations and its integral role in Air Canada’s network. load factors, and maintenance cancel
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 Aviation parts distributor providing availability, technical expertise, and response support across multiple aircraft KADEX Aero Supply Capabilities platforms. Parts Distribution • Extensive Parts Availability: Broad inventory of OEM and FAA Broad catalog of OEM and FAA PMA-certifi
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 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 aircraft
Slide 27: SkyCare
SkyCare SkyCare is the largest fixed-wing air ambulance and SkyCare Capabilities charter operator in Northern Ontario providing 24/7 medevac, repatriation, organ transport and specialized Air Charter Repatriation Services charter services across Canada, USA, and the Flexible passenger and cargo Prov
Slide 28: 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 29: Contact
TSX:CHR Contact Gary Osborne, CFO gary.osborne@chorusaviation.com Chorus Aviation Investor Presentation 29
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