MISSISSAUGA, ON, May 4, 2026 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) today announced financial results for the first quarter ended March 31, 2026.

“We are pleased to have delivered year-over-year revenue growth in the first quarter of 2026, despite ongoing international trade uncertainty and disruption, and against an exceptionally strong first quarter in 2025. Domestic revenues were steady and resilient year over year despite market headwinds and geopolitical conditions, demonstrating the durability of our business. This performance reflects the resilience, adaptability, and discipline of our team, as we continued to deliver industry-leading on-time performance at 99.2% during a challenging operating environment”, said Pauline Dhillon, Chief Executive Officer. “Our focus on operational excellence and cost discipline resulted in improved year-over-year Adjusted EBITDA⁽¹⁾ of $81.9 million and Adjusted EBITDA margin⁽¹⁾ of 32.2%. These results underscore the strength of our business model and the commitment of our people, whose dedication and professionalism continue to drive our success. I remain deeply grateful for their contributions.”

For the quarter ended March 31, 2026:

• Total revenues were $254.7 million, an increase of $4.8 million or 1.9% compared to the same period of the previous year, supported by a $12.1 million or 26.3% increase in Charter revenues, partially offset by a decrease in ACMI revenue driven primarily by macroeconomic conditions and an increase in amortization of contract assets. Domestic revenue remained flat year over year.
• Adjusted EBITDA was $81.9 million, an increase of $1.1 million or 1.4% compared to the same quarter of the previous year.
• Adjusted EBITDA margin was 32.2%, relatively consistent with 32.3% in the same quarter last year.
• Free Cash Flow was an inflow of $87.4 million, an increase of $133.3 million compared to an outflow of $45.9 million in the same quarter last year driven by an increase in proceeds from asset disposals and related notes receivable, net of additions, of $128.2 million, and an increase in cash flow from operations of $5.1 million.
• Net earnings of $4.1 million, a decrease of $43.9 million compared to net earnings of $48.0 million for the first quarter of 2025 primarily driven by gross margin decrease of $12.4 million, an increase of $8.4 million in selling, general and administrative expenses mostly due to higher share-based compensation and an increase of $21.9 million in net finance costs and other gains and losses.

About Cargojet

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing Dedicated, ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own cargo fleet of 41 aircraft.