CHR: Voyageur expands ATR capabilities

研报英文原文证据摘录

CHR: Voyageur expands ATR capabilities

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

James McGarragle, CFA, CPA (Analyst)

Louis Derlis, CFA (Senior Associate)

May 11, 2026

Chorus Aviation Inc.

Voyageur expands ATR capabilities

TSX: CHR | CAD 23.19 | Outperform | Price Target CAD 35.00

Sentiment: Positive

Our view. We view the announcement as an incremental positive for the Chorus investment case, though not a near-term earnings

catalyst. We see this facility opening as a tangible step in executing on Chorus' stated strategy of growing regional aircraft services,

specifically the expansion of Voyageur's MRO and component capabilities, which we have highlighted as a key medium-term value

driver. The ATR focus is well-placed: the turboprop fleet is structurally undersupported from an MRO standpoint in Canada, and

a purpose-built landing gear R&O facility positions Voyageur to capture recurring, high-margin aftermarket revenue. The absence

of disclosed contract wins or utilization targets limits the near-term earnings read-through, but the capital commitment signals

management confidence in sustained ATR fleet demand. We view incremental MRO capability builds as accretive to Voyageur's

competitive positioning within the regional services growth vertical, which remains central to our Outperform thesis on Chorus.

What Happened? Voyageur Aviation Corp., a subsidiary of Chorus Aviation Inc., opened a new purpose-built landing gear repair

and overhaul facility in Ottawa, dedicated to ATR regional aircraft. The facility expands Voyageur's existing in-house component

programs and broadens its repair and overhaul (R&O) service suite for commercial and government ATR operators. No financial

terms, contract awards, or capacity metrics were disclosed.