Canada’s leading air cargo carrier delivers robust profitability and cash flow in a period of unprecedented volatility

MISSISSAUGA, ON, Nov. 4, 2025 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) today announced financial results for the third quarter ended September 30, 2025.

“The resilience of Cargojet’s business model was proven this quarter as our core Domestic Network revenue increased by more than 6% year-over-year. Despite near-term macroeconomic headwinds impacting our ACMI and Charter lines of business, we remain optimistic that international trade will stabilize and find new norms in the longer term, and we will continue to pursue new opportunities as a result.” said Jamie Porteous, Co‑Chief Executive Officer.

“We delivered a robust EBITDA margin of 32.0% and free cash flow of $152.4 million in the third quarter of 2025, up 219% year-over-year as a result of our disciplined approach to cost and capital management. Our clear focus remains on exceptional reliability and service to our customers, which we believe is the key to long-term success through challenging times,” said Pauline Dhillon, Co-Chief Executive Officer. “I want to sincerely thank each of our incredible Cargojet team members who deliver that exceptional customer service every day.”

For the third quarter ended September 30, 2025:

• Total revenues were $219.9 million, a decrease of $25.7 million or 10.5% compared to the same period of the previous year, supported by a $5.9 million or 6.3% year-over-year increase in domestic revenue, more than offset by declines in ACMI and Charter revenues driven primarily by macroeconomic conditions.
• Free Cash Flow was $152.4 million, an increase of $104.6 million or 218.8% compared to the same quarter last year primarily driven by an increase in cash flow from operations of $15.9 million and an increase in proceeds from disposal of property, plant and equipment and assets held for sale, net of purchases, of $88.7 million.
• Adjusted EBITDA margin of 32.0%, down 1.5% compared to the same quarter last year, primarily driven by lower net earnings impacted by declines in ACMI and Charter revenues driven primarily by macroeconomic conditions.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $70.4 million, a decrease of $11.8 million or 14.4% compared to the same quarter of the previous year primarily driven by lower net earnings impacted by declines in ACMI and Charter revenues driven primarily by macroeconomic conditions.
• Net earnings of $8.8 million, a decrease of $20.9 million or 70.4% compared to net earnings of $29.7 million for the third quarter of 2024 impacted by declines in ACMI and Charter revenues driven primarily by macroeconomic conditions.