Chorus Aviation Inc.

Good morning, ladies and gentlemen, and welcome to the Chorus Aviation Incorporated third quarter 2025 financial results conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Friday, November 7th, 2025. I would now like to turn the conference over to Matt LaPierre. Please go ahead.

Thank you, Operator. Hello, and thank you for joining us today for our third quarter conference call and audio webcast. With me today from Chorus are Colin Kopp, President and Chief Executive Officer, and Gary Osborne, Chief Financial Officer. We will begin today's call with a brief summary of the results, followed by questions from the analyst community. As there may be some forward-looking discussion during this call, I ask that you refer to the caution regarding forward-looking statements and information found in our MD&A. This pertains specifically to the results and operations of Chorus Aviation Inc. for the three months ended September 30th, 2025, as well as the outlook section and other sections of our MD&A where such statements appear. Finally, some of the following discussion involves non-GAAP financial measures, including references to adjusted net income, adjusted EBT, adjusted EBITDA, leverage ratio, and free cash flow. Please refer to our MD&A for further information relating to the use of such non-GAAP measures. I'll now turn the call over to Colin Kopp.

Good morning, everyone, and thank you, Matt. I'm happy to report that we continue to execute well on our plans and delivered solid financial results in the third quarter. We recently announced our second SIB this year with the intent of repurchasing up to $50 million of common shares. Year-to-date alone, we've repurchased $35.2 million in share buybacks. And since we started the program in 2022, We have committed $124 million to share buybacks when you include the most recent $50 million SIB offering. Additionally, this past quarter, we completed the redemption of our Series B debentures, which substantially completes our debt repayment plans and balance sheet restructuring. And today, we announced our second dividend payment of $0.08 per share for the quarter. I'm also happy to confirm that we've executed agreements to sell all nine of the Dash 8 400 aircraft that we've been marketing for net proceeds of approximately 86 million Canadian dollars, unlocking meaningful value. The acquisition of Ellison was also completed this quarter, building on our specialized MRO and defense capabilities. Ellison adds industry-leading expertise to our engineering capabilities. and will enable us to capture higher value opportunities and further strengthen the Voyager business. Let me turn to the operating side of the business now. Doug and the Jazz team performed exceptionally well from both an operational and financial perspective this quarter, delivering solid on-time performance for the quarter and generating strong and consistent earnings. On October 23rd, we were excited to see Air Canada's announcement on the expansion of trans-border routes and enhanced domestic service from Billy Bishop Toronto City Airport. Jazz is a proud partner of Air Canada and looks forward to operating the newly expanded routes. On the labor front, Jazz also announced recently that, subject to ratification, it has successfully reached a tentative agreement with its union, AMFA, for the heavy and line maintenance employees. Pilot recruitment at Jazz remains strong, with a healthy intake of new pilots and training cohorts from Cignet. And this past quarter, Jazz has seen operational performance continue to excel across all key metrics. reflective of JAS's outstanding service delivery and the team's expertise. On the Voyager front, Corey and the team have been very busy and continue to execute on their long-term growth plans. They've been principally focused on growing their higher margin business in defense, specialty MRO, and part sales. With the change in geopolitical environment, the UN and World Food Program flying contracts have seen increased cost pressures, And while Voyager has been transitioning away from these lower margin contracts, this change has motivated Voyager to expedite their move to higher margin opportunities quicker than originally planned. While this had a small impact on revenue, the expedited shift enables us to further improve operating margins and generate greater free cash flow. As well as shift frees up a couple of assets which we plan to sell, further strengthening the business, and Voyager's revenue is still up year-to-date by approximately $10 million. On the growth side, Voyager was recently awarded a contract by the Department of National Defense to provide a specialized aviation support to the Aerospace Engineering Test Establishment, AT, operating out of Ottawa. Under the terms of the contract, Voyager will establish a dedicated maintenance capability within AT's hangars and provide a leased aircraft to support pilot proficiency and operational readiness. We're happy to report that the Matreya Dash 8300 aerial firefighter aircraft was successfully completing its first certification flying. And in North Bay and the second aircraft is well under production now. The Cignet team under Lynn's leadership continues to grow nicely and expand its industry footprint. In July, Cignet announced its partnership with Porter Airlines and CAE to launch a new pilot training program designed to support Porter's pilot recruitment needs. Additionally, Cignet recently signed a referral program agreement with Air Tindy and Summit Air as part of its free agent program. This partnership connects our Cignet trained pilots with real-world careers at these airlines. Cignet has also recently entered into an agreement with Canada Air College to launch an integrated pilot training program beginning in the fall of 2026. The program will provide graduates with both a recognized academic credential and one that is Transport Canada certified. To support the program, Cignet will establish a permanent training and maintenance base in North Bay, leveraging Voyager's facilities and maintenance expertise. With the acquisition of Ellison under the leadership of TAFE and Stefan, and with Ellison's unique engineering and certification expertise, Voyager and Ellison are collaborating closely and looking at new growth opportunities in the defense and specialty engineering areas. Our steady progress and determination over the past 24 months has been on repositioning course in our balance sheet, strengthening the value of our business, improving our profit margins, growing our free cash flow, and ultimately driving shareholder returns. With the business realignment substantially complete, we're now focused on steady accretive growth and on driving shareholder returns. We see Chorus as a global leader and trusted Canadian partner with a diversified and expanding portfolio of businesses. Leveraging our deep expertise in aviation, aerospace, and defense, we are well positioned to build long-term value and generate free cash flows. enabling creation for our shareholders. I want to thank our employees and leadership teams across all our businesses for their dedication and execution and for driving our success. To our investors, thank you for your continued support. We remain focused on delivering long-term value and building a resilient, industry-leading business. I'll now pass it over to Gary to take you through the financials.