Chorus Aviation Inc.

Good morning, ladies and gentlemen, and welcome to the Corus Aviation, Inc. First Quarter 2026 Financial Results. At this time, online journalists are in only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you need assistance, please press star zero for the operator. This call is being recorded on Friday, May 8, 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 period ended March 31, 2026, as well as the outlook section and other sections of our MD&A where such statements appear. Finally, some of the following discussions involve non-GAAP financial measures, including references to adjusted net income, adjusted EBT, adjusted EBITDA, leverage ratio, and free cash flows. 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 Potts.

Good morning, everyone, and thank you for joining us today. Before we begin, I'd like to take a moment to acknowledge the accident involving Flight 8646 at New York LaGuardia on March 22nd, operated by JAWS. Bonjour et merci d'être avec nous aujourd'hui. Avant de commencer, je voudrais prendre un moment pour parler de l'accident du vol 8646 de Jazz qui est venu à New York LeGuardiais le 22 mars. J'offre mes plus sincères condoléances à la suite de la perte de deux pilotes de Jazz. Nos pensées sont ainsi tournées vers les deux agents de bord et tous les passagers qui ont été touchés. Il s'agit d'une pertinence pour la communauté aéronautique partout au pays et ailleurs. Nous continuons de nous concentrer sur le soutien offert au personnel de JAZZ et aux familles. Je tiens également à saluer le professionnalisme et la bienveillance exceptionnelle dont a fait preuve l'équipe de gestion de JAZZ. during this period. I extend my deepest condolences following the loss of the two JAWS pilots. Our thoughts are also with the two flight attendants and with all the passengers who were affected. This is a profound loss for the aviation community across our country and beyond. Our focus remains on supporting Jazz and the affected families. I also want to acknowledge the extraordinary professionalism and care demonstrated by the Jazz leadership team during this time. I will now turn to our first quarter update. I'm pleased to report that we remain on plan, and our first quarter results were in line with expectations, demonstrating the resilience of our contracted cash flows, steady execution across the business, and our ability to balance strategic expansion with continued capital returns. We ended the quarter with approximately $219 million in liquidity and a leverage ratio of 1.5, providing flexibility to invest in growth while continuing to return capital to our shareholders. A key highlight of the quarter was the acquisition announcement of KDEX Errol Supply that closed on April 1st. The CADEX acquisition is an important step for Chorus, reflecting our momentum and the continued evolution of our aviation, aerospace, and defense platform. It strengthens our capabilities while further diversifying our business and enhancing the quality and stability of our cash flows. CADEX is also a strong example of the type of opportunities we are targeting under our growth strategy. It is a well-established OEM parts and supply business with attractive margins, reoccurring demand characteristics, and a durable position within the global aerospace supply chain. Importantly, KDEX complements our broader ecosystem and aligns well with our highly experienced leadership team. Over time, we see opportunities to support internal demand across Jazz and Voyager while continuing to grow the business as a standalone platform. serving third-party customers. More broadly, this transaction reflects our disciplined approach to capital allocation, deploying capital into businesses that are immediately accretive, generate strong free cash flow, and delivering mid-teen returns while improving the overall quality and diversification of our earnings. Today, we also announced our quarterly dividend, consistent with our capital allocation priorities and confidence in the strength of our business. As we've said previously, the dividend is sustainable with capacity to grow over time. And we will continue to review it annually. In February, we also renewed our NCIB, deploying capital opportunistically and repurchased $5.3 million of shares during the quarter. Since launching the program in 2022, we've returned over $129 million to shareholders. through both NCIB and SIB share buybacks. As previously disclosed, in 2025, we entered into agreements to sell 9-8400 aircraft that were scheduled to exit the JAWS CPA fleet for net proceeds of $62 million. The aircraft sales continue to go well, with the remaining five aircraft expected to close by mid-year 2026. The declaration of our quarterly dividend, ongoing aircraft monetization, and continued share repurchases underscores our disciplined approach to capital allocation and confidence in the long-term strength and cash flow profile of the business. Turning to the operating side, our businesses executed very well over the quarter, delivering strong cash flows and earnings, and made strategic progress on many fronts. Doug and the JAWS team performed well this quarter and successfully launched the new Air Canada Express trans-border services from Billy Bishop, an important operational and strategic milestone. The team continues to advance its cabin refurbishment program for the Air Canada Express fleet with upgrades focused on improved connectivity and sustainable aircraft enhancements. And Jazz's strong culture and organizational depth continues to be recognized, including their 15th consecutive year as one of Atlantic Canada and Nova Scotia's top employer and Canada's best diversity employers. Corey and the Voyager team have also executed well this past quarter. The Dash 8 aerial firefighting platform with Maitreya continues to move forward with a plan for summer operations with the first aircraft. and the AT contract with the Department of National Defense in Ottawa is now in operation and fully staffed. I'm also very pleased to share that Voyager became a founding member of the Ontario Defense Association, reinforcing their role in the growth and competitiveness of Canada's defense industrial base. Lynn and the Cignet team are doing a great job of building scale and industry leadership. expanding their pilot training pathways and building new partnerships. CYGNET's specialized pilot training contract with the Department of National Defense supporting the RCAF has been successfully renewed for a second year, and they continue to work on plans for expansion in North Bay. Looking ahead, our priorities are clear. As outlined in our capital allocation framework last quarter, we are focused on the disciplined deployment of capital into growth opportunities that strengthen and diversify our platform. Our strategy is centered on building a set of complementary aviation, aerospace, and defense businesses where we see strong long-term demand and attractive return profiles. While still early, We are organizing our growth efforts around targeted verticals where we have experience and see clear opportunities to scale. This approach positions us to build a more resilient and diversified business over time while maintaining discipline around returns and execution. In parallel, diversification across our platforms continues to enhance our positioning in a period of geopolitical and industry volatility. We're also continuing to build our M&A pipeline and are actively evaluating opportunities to meet our criteria. We are encouraged by the quality of opportunities that we are seeing and expect to provide further updates as things progress. I'd like to thank the teams across the course group of companies for their dedication and service excellence and thank our shareholders for their ongoing trust and confidence. Before I turn it over to Gary to go through the numbers, I will add that the accident involving flight 8646 remains under investigation, and we will not comment further beyond what I have at this time.