MISSISSAUGA, ON, Aug. 6, 2025 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) today announced financial results for the second quarter ended June 30, 2025.

For the second quarter ended June 30, 2025:

• Total revenues, driven by a 14% increase in Domestic revenues and 22% growth in Charter revenues, came in at $238.2 million, an increase of $7.4 million or 3.2% compared to the same period of previous year.
• Adjusted EBITDA⁽¹⁾ (earnings before interest, taxes, depreciation and amortization) was $80.2 million, an increase of $1.1 million or 1.4% compared to the same quarter of previous year.
• Net loss was $3.2 million, a decrease of $21.8 million or 87.2% compared to a net loss of $25.0 million for the second quarter of 2024.
• Achieved another record On-time Arrival Performance of 99.5% within fifteen minutes of scheduled arrival time during the quarter.

“Cargojet posted strong overall revenues despite ongoing uncertainty and a weakening economic outlook, underscoring the strength of our network. Softness in the ACMI segment from weaker European traffic was more than offset by robust domestic and charter revenue growth, and with the EU–US trade deal now in place, we expect the EU–US corridor to reopen and generate new ACMI and charter opportunities in the coming quarters, said Jamie Porteous, Co–Chief Executive Officer.

“Ensuring that we can deliver shareholder value in any economic cycle remains a clear priority. Our company wide cost management and productivity initiatives produced a year-on-year improvement in adjusted EBITDA and sequential improvement of 140 basis-point increase in adjusted EBITDA margins, despite a 10% drop in block hours flown during Q2 versus the prior year,.” said Pauline Dhillon, Co-Chief Executive Officer.

Second Quarter 2025 Financial Results:

• Total revenue $238.2 million
• Total expenses $212.3 million
• Operating earnings $2.1 million with adjusted EBITDA of $80.2 million
• Net cash flows from operating activities of $28 million
• Net loss of $3.2 million and adjusted⁽¹⁾ earnings per share of $1.02

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 a fleet of all Boeing aircraft.

Agreement Term Extended to 2033 with revenue target of up to C$3.2 billion

MISSISSAUGA, ON, Aug. 6, 2025 /CNW/ – Cargojet Inc. (“Cargojet“) (TSX: CJT) announced today that it has renewed its strategic agreement (the “Agreement“) with DHL Network Operations (USA) Inc., an affiliate of DHL Group (together, “DHL“) (XETRA: DPW.DE), until March 31, 2033. DHL will have two consecutive renewal options, each for an additional two-year term, potentially extending the term of the Agreement until March 31, 2037.

Since commencing its business relationship with DHL in 2005, Cargojet has significantly broadened its service portfolio over the subsequent two decades, enhancing its operational scope and capabilities and turning this into a true partnership. Under the Agreement, Cargojet will offer its entire range of air-transportation services including ACMI, CMI, charter, and aircraft dry lease services to DHL to support DHL’s global logistics network. Cargojet currently utilizes a fleet of Boeing 767 and Boeing 757 freighters to service DHL’s global requirements. Under this expanded strategic partnership, DHL will maintain a minimum monthly block hours guarantee and provide Cargojet with a preferred opportunity to fly additional routes as it rearranges or adds additional capacity globally.

“Securing the confidence of DHL Group underscores the strength of Cargojet’s value proposition as a long-term strategic partner. This deepened alliance is a testament to our team’s relentless commitment to delivering industry-leading on-time performance and operational flexibility. Their efforts to earn the trust of DHL every single day, continue to position Cargojet as a key enabler of global logistics,” said Executive Chairman Dr. Ajay Virmani.

“Cargojet is an important strategic partner and delivers high quality, capacity, and flexibility to DHL Express, operating key routes for us into Canada, Mexico, and Latin America. We are pleased to extend our long-standing relationship with Cargojet and look forward to future expansion where mutually beneficial to both organizations” said Travis Cobb Executive Vice President Global Operations and Aviation, DHL Express.

In addition, to align interests and strengthen the long-term strategic relationship, Cargojet will fully terminate the warrants to acquire 1,645,000 voting shares issued to DHL in March 2022 and issue warrants (the “Warrants“) to acquire up to 1,000,000 (one million) of Cargojet’s outstanding voting shares, representing up to 6.63% of Cargojet’s shares (on a non-diluted basis as of the date hereof), at a price of C$93.61 per share over a period of eight years, with vesting tied to the delivery by DHL of up to C$3.2 billion¹ in business volume during the same term.

About DHL

DHL – The logistics company for the world

DHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With approximately 400,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility and retail, DHL is decisively positioned as “The logistics company for the world”.

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, CMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with its own fleet of all Boeing aircraft.

MISSISSAUGA, ON, July 2, 2025 /CNW/ – Cargojet Inc. (“Cargojet”) (TSX: CJT) announced the extension of its Air Transportation Services Agreement (“Contract”) with Amazon Canada Fulfillment Services, ULC (“Amazon”). The new Contract has a term of additional four years until March 31, 2029 and Amazon will also have the option to renew the Contract until March 31, 2031.

“This multi-year Contract underscores Cargojet’s role in Amazon’s logistics network. At the heart of our success is a dedicated Cargojet team that makes it happen every single day” said Ajay Virmani, Executive Chairman.

About Cargojet:

Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America and select international destinations, providing dedicated, ACMI, CMI and international charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet owns/operates a fleet of 41 aircraft.

MISSISSAUGA, ON, June 16, 2025 /CNW/ – Cargojet Inc. (TSX: CJT.UN) is pleased to announce the appointment of Mr. Aaron McKay as Chief Financial Officer, effective August 1, 2025. Mr. McKay brings extensive expertise in the airline industry, with a proven track record in senior financial leadership roles. His strategic acumen and deep understanding of financial operations will significantly strengthen Cargojet’s executive team as the company continues to drive growth and operational excellence.

“We are delighted to welcome Aaron as our Chief Financial Officer,” said Co-CEOs Jamie B. Porteous and Pauline Dhillon in a joint statement. “His exceptional financial expertise and industry insights will be instrumental in guiding Cargojet’s strategic initiatives and ensuring sustained financial success. We are confident Aaron’s leadership will further solidify our position as a market leader.”

Cargojet is Canada’s premier provider of time-sensitive air cargo services, serving major cities across North America. Operating a fleet of 41 cargo aircraft, the company delivers dedicated, ACMI, and international charter services, transporting over 25 million pounds of cargo weekly. With a commitment to reliability and innovation, Cargojet continues to set the standard for premium air cargo solutions.

MISSISSAUGA, ON, April 23, 2025 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) today announced financial results for the first quarter ended March 31, 2025.

• Record first quarter 2025 revenue of $249.9 million, an increase of 8.1% – compared to $231.2 million in the same quarter of 2024.
• First quarter 2025 Adjusted EBITDA of $80.8 million compared to $78.4 million in the same quarter of 2024 driving a 32.3% Adjusted EBITDA margin.
• Net earnings of $48.0 million in the quarter versus $32.5 million in the same quarter of 2024, an improvement of 47.7% year-over-year and an increase in Earnings per share (basic) of 58.2% to $3.07 during the quarter.
• During the quarter ended March 31, 2025 the Company purchased for cancellation an aggregate of 272,922 Voting Shares under the Normal Course Issuer Bid (NCIB) for a total cost of $32.2 million.
• Achieved record On-time Arrival Performance of 99.1% within fifteen minutes of scheduled arrival time during the quarter.

“Cargojet’s diversified portfolio of Domestic, Charters and ACMI offerings continued to perform well in the first quarter, posting a combined growth of 16.1%. With the backdrop of trade wars and expected de-coupling of North American supply chains, more cargo is expected to enter Canada directly from the rest of the world to mitigate the uncertainty of tariffs. These results demonstrate the unique and complimentary structure of our various revenue segments. We continue to identify new opportunities and remain at the forefront of helping customers adjust to new global supply chains.” said Jamie Porteous, Co-Chief Executive Officer.

“Through a disciplined approach to cost management, we are continuing to maintain strong margins while exceeding our on-time-arrival performance targets set by our customers. Despite rising inflationary pressures, currency volatility and geopolitical tensions, our focus remains on helping customers deliver on their commitments to their end-customers. Our agility to adapt to a fast-changing environment continues to be recognized as the key differentiator, allowing us to win more business in a highly competitive global air cargo industry.” said Pauline Dhillon, Co-Chief Executive Officer.

Total revenue for the quarter was $249.9 million compared to first quarter 2024 revenue of $231.2 million. Revenue from domestic network, ACMI and All-in Charter for the quarter was $210.2 million compared to $181.0 million for the same period in 2024.

Adjusted EBITDA for the quarter was $80.8 million compared to the first quarter 2024 Adjusted EBITDA of $78.4 million. Net earnings for the quarter were $48.0 million compared to $32.5 million for the same period in 2024.

Net cash from operating activities of $64.8 million during the quarter compared to $80.3 million for the same period in 2024.

First Quarter Results

Financial highlights	Three Month Period Ended
	March 31,
(Canadian dollars in millions, except where indicated)	2025	2024	Change	%
Domestic network, ACMI and charter revenues	$210.2	$181.0	$29.2	16.1 %
Total revenues	$249.9	$231.2	$18.7	8.1 %
Net earnings	$48.0	$32.5	$15.5	47.7 %
Adjusted net earnings(1)	$25.3	$28.3	($3.0)	-10.5 %
EPS Diluted	$2.87	$1.84	$1.03	56.0 %
Adjusted EPS(1)	$1.62	$1.69	($0.07)	-4.1 %
Adjusted EBITDA (1)	$80.8	$78.4	$2.4	3.1 %
Adjusted EBITDA margin (1) – (%)	32.3 %	33.9 %	-1.6 %
Net cash from operating activities	$64.8	$80.3	($15.5)	-19.3 %
Free cash flow (1)	($45.9)	$168.7	($214.6)	-127.2 %
(1) Non-GAAP measures.

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.

MISSISSAUGA, ON, March 19, 2025 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today that its Chief Financial Officer, Scott Calver has elected to depart the company to pursue other opportunities. 

“We wish Scott the very best in his future endeavors and thank him for his contributions during his tenure at Cargojet,” said Co-CEO’s Jamie Porteous and Pauline Dhillon in a joint statement.”

Sanjeev Maini will continue in his role as Interim CFO until such time as Cargojet selects a replacement through a formal executive search that is expected to conclude later this year.

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.

MISSISSAUGA, ON, Feb. 17, 2025 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) today announced strong financial results for the fourth quarter and full year ended December 31, 2024.

“Cargojet produced very strong results for the fourth quarter and full year 2024 delivering on our financial and operational objectives. For the full year we reached a record and historic milestone of over $1 billion in revenues for the first time in Cargojet’s history. Our strong, diversified business model has proven resilient in times of economic uncertainty, and we remain focused on driving operational efficiency and maintaining strategic flexibility to harness new growth opportunities and protect margins,” said Jamie Porteous, Co-Chief Executive Officer.

“Once again, our dedicated Cargojet team of professionals delivered excellent on-time performance for our customers despite demanding and challenging weather during the holiday peak season while handling record volumes. We thank each and every member of our team who are the true driving force of our continued success. Cargojet achieved a 16% growth in block hours flown during the fourth quarter, resulting in improved aircraft fleet and overall asset utilization and directly contributing to a very strong full year and quarter,” said Pauline Dhillon, Co-Chief Executive Officer.

Fourth Quarter 2024 Financial Results

Total revenue for the quarter was $293.2 million compared to fourth quarter 2023 revenue of $221.9 million. Revenue from domestic network, ACMI and All-in Charter for the quarter was $250.7 million compared to $193.1 million for the same period in 2023.

Adjusted EBITDA¹ for the quarter was $91.7 million compared to the fourth quarter 2023 Adjusted EBITDA of $81.6 million. Net earnings for the quarter were $71.2 million compared to net loss of $34.9 million for the same period in 2023.

Net cash from operating activities of $103.6 million during the quarter compared to $31.5 million for the same period in 2023.

Full Year 2024 Financial Results

Total revenue for the year was $1.0 billion compared to full year 2023 revenue of $877.5 million. Revenue from domestic network, ACMI and All-in Charter for the full year was $828.4 million compared to $712.3 million for the same period in 2023.

Adjusted EBITDA for the full year was $331.4 million compared to full year 2023 Adjusted EBITDA of $300.9 million. Net earnings for the full year were $108.4 million compared to $37.3 million for the same period in 2023.

Net cash from operating activities of $328.6 million during the full year compared to $191.9 million for the same period in 2023.

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.

MISSISSAUGA, ON, Jan. 15, 2025 /CNW/ – Cargojet Inc. (“Cargojet” or the “Corporation”) (TSX: CJT) announced today that its Chief Financial Officer (CFO), Scott Calver, is on medical leave until further notice. The company supports Scott during this time and wishes him a full and speedy recovery.

In the interim, Sanjeev Maini, Vice President – Finance, will assume the role of acting CFO. Mr. Maini has been with the company for over two decades and has previously served as the acting CFO during 2021. He is well-positioned to continue the company’s financial operations and ensure a smooth transition.

Cargojet will provide updates as necessary, in accordance with its usual disclosure practices.

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.

MISSISSAUGA, ON, Dec. 18, 2024 /CNW/ – Cargojet Inc (“Cargojet or the Corporation” (TSX: CJT))

Cargojet is proud to announce that our Founder and Executive Chairman, Dr. Ajay K. Virmani, has been appointed to the Order of Canada, the nation’s highest civilian honour. This prestigious recognition highlights Dr. Virmani’s exceptional contributions as a visionary leader in the air cargo industry, a dedicated philanthropist, and a devoted advocate for community building.

Dr. Virmani’s innovative leadership has revolutionized the air cargo sector in Canada, setting new standards for operational excellence, reliability, and customer service. Beyond his professional achievements, Dr. Virmani has been a passionate supporter of numerous charitable initiatives, making a profound difference in the lives of countless Canadians.

Upon receiving the honour, Dr. Virmani said, “This recognition is dedicated to my outstanding team at Cargojet. It is a testament to their dedication, hard work, and commitment to excellence. Thank you to our customers for being part of our journey and trusting us each day.”

The entire Cargojet family joins in celebrating this monumental achievement and extends its heartfelt congratulations to Dr. Virmani on this well-deserved honour.

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 fleet of 41 aircraft.

November 25, 2024

Mississauga, ONT – Cargojet Inc (“Cargojet or the Corporation” (TSX:CJT))  is incredibly proud to announce that Cargojet won “The Air Charter Association Cargo Charter Operator of the Year” at the 2024 Air Charter Excellence Awards held in London, England.

The Air Charter Association, a leading global trade association for aircraft charter companies, annually hosts the Air Charter Excellence Awards. These awards celebrate top achievements in the air charter industry, with winners selected through member votes and expert panel evaluations.

“This recognition reflects our team’s hard work, dedication, and excellence—from our skilled pilots and ground crews to the tireless operations team working behind the scenes to deliver exceptional service. Thank you to every member of the Cargojet family, this is a testament to your hard work and dedication, remarks Pauline Dhillon, Co-CEO.

“This year has been a record year in terms of ad-hoc charter activity.  Our focus to utilize capacity has allowed us to expand our global reach providing charter services internationally. We are grateful to our customers who trust us to operate on their behalf, your confidence inspires us to ensure we raise the bar in providing best in class air cargo services.”, says Jamie Porteous, Co-CEO.

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 fleet of 41 aircraft.