Chorus Aviation Inc.

Q2 adjusted EBITDA was $50.7 million, essentially in line with last year. Adjusted net income per share was $0.83, up 54% from Q2 2025. Free cash flow was $32.3 million, or $1.41 per share, and Chorus said it generated $73 million of free cash flow and aircraft-sale proceeds in the quarter, bringing first-half total free cash flow plus aircraft-sale proceeds to $118 million. Liquidity was $204 million and leverage was 1.5x, improving from 1.7x at year-end. KDEX contributed $16.4 million of revenue and $1.2 million of net income in the quarter, including $500 thousand of amortization on acquisition-related intangible assets. Chorus reaffirmed full-year guidance and said it remains comfortable with the high end of the range; management also said there is no major step-down expected in the back half of the year, though the outlook remains conservative. The remaining two aircraft from the 9 Dash 8-400 monetization program are now expected to close by the end of 2026, with estimated net proceeds of approximately $14.4 million.

Colin Copp emphasized that Chorus is becoming a more diversified aviation, aerospace, and defense platform and said the quarter showed meaningful progress on strategic growth objectives. He highlighted KDEX’s smooth integration, Voyager’s expansion into parts, special mission work, and uncrewed systems, and Jazz’s network and operational milestones, including Billy Bishop route additions and IOSA renewal. His tone was confident and constructive, with repeated references to opportunity, disciplined capital deployment, and building long-term shareholder value.

Gary Osborne focused on the quality of earnings and cash generation, noting that Voyager and KDEX added $6.5 million of adjusted EBITDA, which offset CPA step-downs in fixed-margin and leasing revenue. He highlighted $32.3 million of free cash flow, $1.41 per share, and said buybacks reduced weighted average shares by about 13% year over year, helping per-share results. He also pointed to leverage of 1.5x, down from 1.7x at year-end, liquidity of $204 million, $40.4 million of aircraft-sale proceeds in the quarter, and the company’s continued capital return through $14.8 million of Q2 buybacks and a $0.11 dividend per share.

Analysts focused on why KDEX outperformed, how sustainable that performance is, and whether Voyager parts sales and defense-related initiatives can keep growing. Management said KDEX is benefiting from strong underlying performance plus early integration and cross-Chorus opportunities, and that there is more opportunity than they can pursue immediately. Questions also probed guidance conservatism, labor availability for defense programs, the FlexRotor and other defense partnerships, and the flexible capital-allocation bucket; management said the remaining aircraft-sale timing moved due to engine overhaul work, defense opportunities are progressing but likely in a lumpy way, labor is not currently a constraint, and the flexible capital bucket is not yet earmarked entirely for M&A.