Slide 1: Cargojet Investor Presentation June 2025
Cargojet i —_/ June 2025 CARGOYSET.
Slide 2: Cautionary Statement
Cautionary Statement General This presentation is property of Cargojet Inc. (“Cargojet”, “CJT” or the “Company”). This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company. This presentation does not purport to contain all information r
Slide 3: Cautionary Statement (Cont'd)
Cautionary Statement (Cont’d) Non-IFRS Financial Measures This presentation makes reference to certain non-International Financial Reporting Standards (“IFRS”) measures, non-IFRS ratios and supplementary financial measures to evaluate the performance of the Company. The terms “EBITDA”, “Adj. EBITDA”
Slide 4: Agenda
Agenda 1. Cargojet Overview 2. Segment Overview 3. Financial Overview Appendix I. Supplementary Business Information II. Historical Financials
Slide 5: 1. Cargojet Overview
1. Cargojet Overview CARGQVET
Slide 6: Business Overview
Business Overview Business Overview Highly Creditworthy Counterparties(3)(4) Founded in 2002 and headquartered in Mississauga, ON, Cargojet is Canada’s leading air cargo operator, providing time sensitive services to 90%+ of the Canadian population ̶ Operates a fleet of 41 freighter aircraft (36 o
Slide 7: Highly Diversified Platform
Highly Diversified Platform ACMI / CMI Charters / Domestic Network (Aircraft, Crew, Maintenance & Insurance) International % Of LTM Revenue(1) ~38% ~28% ~18% Overnight domestic air cargo network covering 16 cities and transporting 25+ million pounds of Currently operates 17 aircraft on a long-te
Slide 8: Leading Market Position With High Barriers To Entry
Leading Market Position With High Barriers To Entry With limited competitive intensity, Cargojet is well-positioned to maintain its leading market position Irreplicable Infrastructure Drives Moat High Barriers To Entry Commercial air transportation regulations, foreign ownership Canada’s East-To-
Slide 9: Long-Term Contracts With Blue-Chip Customers Provide Earnings Visibility
Long-Term Contracts With Blue-Chip Customers Provide Earnings Visibility Key Strategic Partnerships Overview Credit Rating(1) Contract Date Term Warrants Additional Details ~346,000 warrants vested immediately upon issuance, and the vesting In March 2022, Cargojet issued of the remaining warrant
Slide 10: Efficient Aircraft Fleet With Capacity To Grow
Efficient Aircraft Fleet With Capacity To Grow Robust and scalable fleet of 41 freighters (88% owned), with capacity growing in step with contract wins and customer demand growth ̶ Ongoing fleet growth supported by three B767s currently under conversion and two additional B767s held in feedstock f
Slide 11: E-Commerce Tailwind Drives Secular Growth Story Insulated From Cyclicality
E-Commerce Tailwind Drives Secular Growth Story Insulated From Cyclicality The global Air Cargo sector continues its strong growth trajectory supported by e-commerce growth and other favourable long-term industry tailwinds Attractive air cargo demand fueled by e-commerce growth Air cargo remains
Slide 12: Cyclically Resilient Business Model
Cyclically Resilient Business Model While global cargo volumes plummeted during the 2008 Global Financial Crisis (“GFC”) and the initial stages of the 2020 COVID-19 pandemic, Cargojet maintained profitability and remains well-positioned to weather future downturns due to its leading market positio
Slide 13: Management Team
High Quality And Experienced Management Founded the company alongside Jamie Porteous and previously served as the President and CEO of Ajay Virmani Cargojet from its inception until November 2023 when he was appointed as Executive Chairman Executive Chairman Over 44 years of experience in the tr
Slide 14: 2. Segment Overview
2. Segment Overview CARGQVET
Slide 15: Domestic Network – Segment Overview
Domestic Network – Segment Overview (38% of Revenue(1)) Domestic – Revenue Growth ($ millions) Cargojet’s Domestic segment operates across North America, transporting over 25 million pounds of time- % of Revenue(1) sensitive cargo weekly, reaching 90%+ of the Canadian population 54% 45% 43% 37% 40
Slide 16: ACMI – Segment Overview
ACMI – Segment Overview (28% of Revenue(1)) Cargojet provides and operates dedicated aircraft on an ACMI – Revenue Growth ($ millions) ACMI basis, operating between points in Canada, North America, South America and Europe % of Revenue(1) ̶ This service involves providing a dedicated aircraft on a
Slide 17: Charter – Segment Overview
Charter – Segment Overview (18% of Revenue(1)) To further enhance its revenues, Cargojet offers a specialty Charter – Revenue Growth ($ millions) charter service utilizing the same aircraft that operate in its domestic and ACMI networks, but typically in the daytime % of Revenue(1) and on weekends
Slide 18: 3. Financial Overview
3. Financial Overview CARGQVET
Slide 19: Financial Priorities – Disciplined Balance Sheet Management
Financial Priorities – Disciplined Balance Sheet Management 1 2 3 4 5 Building Long-Term Relationships & Driving Adjusted Maintaining A Disciplined Growing Adjusted Adding Capacity to EBITDA Margin Conservative Approach To Free Cash Flow Meet Known Expansion Balance Sheet Capital Allocation Demand N
Slide 20: Financial Overview – Historical Financials
Financial Overview – Historical Financials Revenue(1) ($ millions) Adj. EBITDA(5) And Net Income ($ millions) Total Revenue Y/Y Growth Domestic ACMI All-In Charter Adj. EBITDA Margin(5) Adj. EBITDA(5) Net Income 7% 37% 13% 29% (10%) 14% 16%(2) 42.1% 38.7% 33.5% 34.3% 33.1% 32.1% 32.7% $1,001 $1,020
Slide 21: Appendix
Appendix CARGQVET
Slide 22: I. Supplementary Business Information
I. Supplementary Business Information CARGOYET
Slide 23: Customer Network Strategies Synchronized With Cargojet
Customer Network Strategies Synchronized With Cargojet Cargojet’s long-term strategic partnerships with global carriers are resulting in closer integration of its networks creating greater stickiness Amazon Hamilton Airport Investment (YHM1) Amazon opened its 855,000 sq. ft. fulfillment center in
Slide 24: II. Historical Financials
Il. Historical Financials CARGQVET
Slide 25: Historical Financials
Historical Financials $ millions, unless noted otherwise Income Statement Historical 2022A 2023A 2024A LTM Q1/25A Revenue Domestic Overnight Revenue $366 $355 $376 $391 All In Charter Revenue $113 $100 $159 $185 ACMI Revenue $247 $257 $294 $282 Lease and Other Revenue $25 $22 $24 $24 Domestic Networ
Slide 26: Historical Financials (Cont'd) – Adjusted EBITDA Reconciliation
Historical Financials (Cont’d) $ millions, unless noted otherwise Adjusted EBITDA Reconciliation Historical 2007A 2008A 2009A Net Income $5 ($0) $9 Add: Interest Expense $1 $3 $4 Add: Non-Controlling Interests $2 ($1) $3 Add: Provision For (Recovery Of) Current Income Taxes ($2) ($1) $1 Add: Provisi
Slide 27: Historical Financials (Cont'd) – Adjusted Free Cash Flow Reconciliation
Historical Financials (Cont’d) $ millions, unless noted otherwise Adjusted Free Cash Flow Reconciliation Historical 2019A 2020A 2021A 2022A 2023A 2024A LTM Q1/25A Net Cash Generated From Operating Activities $145 $293 $231 $283 $192 $329 $313 Less: Maintenance Capital Expenditures ($85) ($63) ($113)
Slide 28: Historical Financials (Cont'd) – Cash Flow Statement
Historical Financials (Cont’d) $ millions, unless noted otherwise Select Commentary Cash Flow Statement Cash Flow Statement Historical 1 Reflects the sale of one Boeing 777- 2022A 2023A 2024A 300 aircraft and two Boeing 777-300 Net Income $191 $37 $108 hulls in 2023A and four Boeing 777- Depreciati
Slide 29: Historical Financials (Cont'd) – Net Debt Schedule
Historical Financials (Cont’d) $ millions, unless noted otherwise Net Debt Schedule & Total Adj. Debt Reconciliation Historical 2022A 2023A 2024A Q1/25A Net Debt Add: Lease Liabilities $89 $119 $104 $98 Add: Revolving Credit Facility And Delayed Draw Term Loan $308 $454 $538 $629 Total Adj. Debt (1)