Chorus Aviation Inc. has released its financial results for the third quarter of 2025, showing a net income of $10.7 million, down from $18.4 million in the same period last year. The decline is largely due to unrealized foreign exchange losses totaling $12.8 million. Despite this, adjusted earnings per common share rose to $0.60 from $0.43, driven by lower net interest expenses and favorable currency effects.
The company reported adjusted EBITDA of $51.6 million, a decrease of $2.0 million year-over-year. The strategic focus remains on higher-margin businesses such as defense contracts, parts sales, and specialty maintenance, while reducing lower-margin activities affected by geopolitical risks. Voyageur's revenue is forecasted to be between $140 million and $145 million for 2025, with operating margins expected to improve by approximately one hundred basis points compared to 2024.
Strategic Initiatives and Outlook
Chorus continues to emphasize aircraft refurbishment programs, cost management, and capital expenditures, including enhancements to aircraft interiors and maintenance overhauls. Its aircraft leasing portfolio comprises 48 aircraft under the CPA with future contracted lease revenue estimated at $321.9 million. The leverage ratio remains manageable at 1.5, and the company anticipates steady growth in its diversified aviation segments, supporting shareholder value through dividends and share buybacks.
Looking ahead, Chorus expects continued stability in its core operations, with the outlook for Voyageur's revenue reaffirmed but influenced by geopolitical factors. The company also provided guidance on aircraft disposition plans, including the sale or parting out of certain lower-margin aircraft, to improve operating margins and financial performance.
