Chorus Aviation Inc.

Good morning, ladies and gentlemen, and welcome to the Chorus Aviation Inc. Fourth Quarter and Year End 2025 Financial Results Conference Call. At this time, all lines are in a 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, February 13th, 2026. 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. 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 year ended December 31st, 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 for joining us today. 2025 was a pivotal year for course with significant progress, one in which we meaningfully reduced our overhead costs initiated a quarterly dividend, optimized our capital structure, completed two SIVs in combination with our NCIB, substantially reduced our corporate debt, executed agreements to sell nine Q400 aircraft, acquired Ellison & Associates, a leading engineering firm based in Montreal, and ended the year with adjusted earnings available to common shareholders of $2.27 up from 97 cents the previous year, representing 134% increase over last year. With our foundation firmly in place, we are well positioned in the marketplace as a world leader and trusted Canadian partner of a growing diversified portfolio of businesses with deep expertise and experience in aviation, aerospace, and defense. Along with our fourth quarter results, we made three additional announcements in support of our plan to build long-term value, strong free cash flow, and provide value creation for our shareholders. First, I was very happy to announce that we concluded an agreement to acquire Cadix Aerosupply, complementary OEM aviation parts, repair and overhaul platform that strengthens our position in the aviation, aerospace, and defense business. GATEX broadens our bench strength with OEM parts distribution for many well-established aircraft platforms such as Beechcraft, Cessna, Hawker, and Piper. As well, they distribute a wide range of consumable products of well-known brands such as Shell, Goodyear, Michelin, Champion, and many others to the commercial, business, and general aviation operators of both fixed-wing and rotary-wing aircraft. GATUS complements our existing USM business at Voyager and is well aligned with our strategy of acquiring growth businesses that combine their strengths to accelerate shared success across our group of companies. They are a highly respected company with strong OEM and customer relationships, have a proven operating model, and a growing revenue stream that supports our objective on strong free cash flow generation. 8X is headed by two industry leaders who come with many years of experience and expertise, John Lavery and Ken Blow, who we are very excited to have join our team and our growing portfolio of industry experts within the Chorus family. The acquisitions expected to close during the second quarter of 2026, and we look forward to welcoming the entire 8X team to Chorus. Second, we announced that we were increasing our annual dividend from 32 cents annually to 44 cents. This reflects our ability to execute on our plan, driving growth in our free cash flow, as well as our ongoing commitment to returning capital to our shareholders in a disciplined manner. And third, consistent with our capital allocation strategy, we will continue to buy back shares and have also announced an NCIB. For the past two years, share repurchases have been an important part of how we create value for our shareholders. And in 2025, we bought back $85.2 million in shares, and we will continue to take a disciplined approach to share buybacks. Turning to our operating businesses for 2025, that year marked a consistent execution. Doug and the Jazz team delivered strong performance with steady contracted earnings and solid operational results under the CPA with Air Canada. The team has also made good progress on their cabin refurbishment program, which significantly enhances the customer experience on the Air Canada Express fleet operated by Jazz. In October, Jazz and Air Canada celebrated a landmark announcement with the expansion of flying to four new U.S. destinations from Billy Bishop Toronto Airport, which is anticipated to ramp up starting in late March of this year. Also in this quarter, Jazz successfully concluded an agreement with AMFA, the union representing its maintenance employees, for a new five-year collective agreement. As always, Jazz remains very focused on safety, their operational performance, and securing a strong supply of qualified pilots from both Cignet and throughout the industry. Corey and the Voyager team are busy focusing on growing opportunities and delivering another strong year while continuing to shift their business mix towards higher margin opportunities in the defense, specialty MRO, and parts space, We see strong upside in the parts business as Voyager continues its expansion into new platforms such as ATR. Over the past several months, they've acquired two ATR aircraft, which are now undergoing part out, and a third ATR is in progress. While their Q4 part sales were slightly down from plan, this was directly a result of two significant part sales packages moving from December into 2026. These sales are both expected to come through in Q1 of this year. On the defense side, Voyager is now fully supporting Canada's MASER operation with their engineering expertise and integrating key modifications across the fleet. They're fully staffed, providing frontline in-service support through a team of 20 embedded specialists working alongside D&D personnel in Trenton and on deployments. They're also set to provide in-service support to D&D Aerospace Engineering Test Establishment, known as AT, supplying an aircraft and maintaining an on-site Voyager presence with AT's Ottawa D&D facility. We see Voyager as well-positioned to further support Canada's expanding defence needs, including major capital commitments in aerospace platforms and the long-term in-service support that they require. Faith and Stéphane and the Ellison team who joined us this past year have been off to a great start working closely with Voyager to grow their respective businesses. And we were happy to see Ellison awarded the contract by the Quebec Ministry of Transport and Sustainable Mobility to configure a Bombardier Challenger 650 for medical emergency air transport. This marks Ellison's first significant contract since joining course in September. Ellison will lead as the primary contractor and engineering expertise, while Voyager will provide the maintenance expertise for the reconfiguration. Lynn and the team at Cignet have also had a very strong year of growth and expansion and recently kicked off their largest cohort of 18 new students. They've been expanding the business with new candidates in their free agent program. and the Destination Porter Cadet Program, in addition to the Jazz Approach Cadet Program. The work with Canada Air College on a new pilot program and the expansion of Cignet into North Bay continues to progress well. As our business continues to grow, both organically and with new acquisitions, our team of industry experts broaden. Both Ellison and CADEX are great examples of industry-leading businesses which will be leveraged across the course group of companies to accelerate revenue growth. Today, we are focused on driving long-term value for our shareholders by building a powerful cash generating portfolio of aviation, aerospace, and defense companies while taking a disciplined capital allocation approach targeting mid-teen returns. Thanks to a great team of course, we're commencing 2026 with momentum, a stronger portfolio of businesses, and a culture focused on performance. And in closing, I'd like to thank our employees across Jazz, Voyager, Signet, and Ellison for their commitment and performance throughout the year, and welcome KDEX to the family. And lastly, I will thank our board of directors, shareholders, for their continued support. With that, I'll hand it over to Gary for the financials. Thank you, Colin, and good morning.