Chorus Aviation reported net income of C$13.8 million for the second quarter of 2026, while reaffirming its full-year guidance as contributions from Voyageur and newly acquired KADEX Aero Supply strengthened earnings diversification and reinforced the company’s long-term aviation, aerospace and defence growth strategy.
The Canadian aviation company recorded adjusted net income of C$19.1 million for the quarter, up from C$14.1 million a year earlier, with adjusted EBITDA remaining broadly stable at C$50.7 million. Free cash flow totalled C$32.3 million, while the company’s leverage ratio improved to 1.5x from 1.7x at the end of 2025.
During the quarter, Chorus returned C$17.3 million to shareholders through share repurchases and dividends, generated C$40.4 million from the sale of four aircraft, and reaffirmed its 2026 financial outlook.
President and Chief Executive Officer Colin Copp said the company delivered a strong quarter supported by a solid balance sheet, diversified operations and disciplined capital allocation.
“We ended the quarter with a leverage ratio of 1.5x and liquidity of C$203.6 million, providing the financial flexibility to execute our long-term capital allocation plan while continuing to diversify the business,” Copp added.
A key contributor to the quarter’s performance was the integration of KADEX Aero Supply, acquired on April 1, 2026. The aerospace supply chain business contributed revenue of C$16.4 million and net income of C$1.2 million during the quarter, performing ahead of the company’s initial expectations.
Voyageur and KADEX together added C$6.5 million to adjusted EBITDA compared with the second quarter of 2025, driven primarily by stronger aviation parts sales. These gains helped offset lower aircraft leasing revenue under Chorus’ Capacity Purchase Agreement (CPA) and contracted reductions in fixed margin revenue.
The company also continued executing its aircraft portfolio strategy by selling four Dash 8-400 aircraft during the quarter, generating a C$2.5 million gain on sale. Seven of the nine aircraft previously earmarked for divestment have now been sold, with the remaining two expected to close by the end of 2026 following the completion of contractual maintenance events.
Chorus said it generated C$117.7 million through free cash flow and aircraft sale proceeds during the first half of the year, strengthening its financial position to support future investments, acquisitions and shareholder returns.
Within its regional airline business, Jazz Aviation continues to progress with Air Canada Express’ cabin refurbishment programme. The upgrades include new lightweight seats, larger overhead storage bins, upgraded Wi-Fi connectivity, in-seat power and refreshed cabin interiors for Embraer E175 and CRJ900 aircraft. Selected Dash 8-400 aircraft are also receiving Wi-Fi systems and lightweight seating upgrades, with refurbishment costs funded by Air Canada.
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Looking ahead, Chorus reaffirmed its 2026 outlook, forecasting adjusted EBITDA of between C$170 million and C$185 million and free cash flow of C$100 million to C$110 million. The company said it remains focused on disciplined capital deployment, expanding its aviation and aerospace portfolio, and growing recurring earnings through acquisitions and aftermarket businesses.
The results highlight Chorus Aviation‘s continued transition from a regional airline-focused business into a diversified aviation platform, combining aircraft leasing, aerospace supply chain services, MRO-related activities and aviation support businesses to generate long-term, recurring cash flows.
