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25th September 2023
Chorus Aviation reported robust fourth-quarter and full-year results for 2025, alongside plans to increase shareholder returns and expand through acquisition.
For the fourth quarter, net income from continuing operations was C$16.7 million ($12.2 million), a significant improvement from a C$49.4 million ($36.1 million) loss in fourth quarter 2024. Adjusted earnings available to common shareholders rose to C$13.8 million ($10.1 million), or C$0.57 ($0.42) per share, up from C$9.3 million ($6.8 million), while adjusted EBITDA was C$47.1 million ($34.4 million). Free cash flow remained steady at C$27.0 million ($19.7 million).
For the full year, Chorus achieved net income from continuing operations of C$78.7 million ($57.5 million), a year-over-year increase of C$94.5 million ($69.0 million). Adjusted earnings available to common shareholders reached C$58.6 million ($42.8 million), or C$2.27 ($1.66) per share, compared with C$0.97 ($0.71) in 2024. Full-year adjusted EBITDA totalled C$206.9 million ($151.0 million), while free cash flow grew to C$135.3 million ($98.7 million).
Chorus announced a 38% increase in its quarterly dividend to C$0.11 ($0.08) per share, payable March 31, 2026, and up to C$100 million ($73 million) in planned share buybacks over the next four years. The company also purchased and cancelled 3.76 million shares for C$85.2 million ($62.2 million) in 2025.
Additionally, Chorus signed an agreement to acquire Kadex Aero Supply, a distributor of aircraft parts, for C$50.0 million ($36.5 million).
“This acquisition represents a significant step forward in our strategy to grow and diversify Chorus’ aviation, aerospace and defence services,” said Colin Copp, President and CEO, Chorus. “Kadex is a highly respected company with strong OEM and customer relationships and has a proven operating model with a growing revenue stream that is expected to enhance the durability of our earnings profile.”
Chorus projects 2026 adjusted EBITDA between C$170–185 million ($124–135 million) and free cash flow of C$100–110 million ($73–80 million), maintaining stable growth in aircraft leasing operations.