Chorus Aviation Completes $40 Million SkyCare Air Ambulance Acquisition, Raises 2026 Guidance After Q3 Net Income of $15.6 Million
Why It MattersA Canadian regional airline group buying an air ambulance operator shows regional aviation players diversifying into medical, MRO and defence services as capacity-purchase agreement earnings flatten.
Chorus Aviation Inc. reported its third-quarter 2026 results and raised its 2026 guidance. On November 1, 2026, Chorus completed the acquisition of SkyCare Air Ambulance, an aviation and medical services provider headquartered in Sioux Lookout, Ontario, for a purchase price of approximately $40.0 million. At closing, Chorus funded $36.1 million through the Operating Credit Facility and cash on hand, inclusive of an estimated net working capital adjustment of $4.1 million. The remaining purchase price is subject to customary adjustments and includes contingent consideration.
Third-quarter net income was $15.6 million, up $5.0 million from the third quarter of 2025, mainly due to a positive $6.0 million change in net unrealized foreign exchange, partly offset by a $0.2 million decrease in Adjusted Net Income, a $0.5 million increase in amortization of intangible assets and a $0.3 million increase in strategic advisory fees. Adjusted Net Income was $15.1 million, down $0.2 million year over year, reflecting a $3.9 million decrease in Adjusted EBITDA and a $1.0 million increase in income tax expense, along with a $0.2 million negative change in foreign exchange.
For the nine months ended September 30, 2026, Chorus reported Adjusted EBITDA of $142.7 million, a decrease of $17.0 million from the same period a year earlier. The decline was primarily due to a $9.7 million decrease in aircraft leasing revenue under the CPA, attributed to expected lease-rate changes on certain aircraft and a lower US dollar exchange rate, a contracted decrease in Fixed Margin and lower incentive revenue totaling $12.9 million, and a $4.1 million decrease in capitalization of major maintenance overhauls on owned aircraft.
President and Chief Executive Officer Colin Copp said the company's performance supports the higher 2026 guidance and that SkyCare accelerates growth and diversification. With SkyCare, Voyageur and KADEX, Chorus expects 2027 revenue from parts sales, contract flying, MRO and other of $265.0 million to $300.0 million, approximately double 2025 levels, advancing its strategy of building a broader aviation, aerospace and defence platform beyond the CPA.
