Cargojet Inc.

And welcome to the CargoJet First Quarter Financial Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to David Tumchenovic. Please go ahead.

Good morning, everyone, and thank you for joining us today on this call. With me on this call today are A.J. Vermani, Executive Chairman, Pauline Dillon, Chief Executive Officer, Aaron McKay, Chief Financial Officer, Sanjeev Maini, Vice President of Finance, and Randy Trombley, General Counsel and Corporate Secretary. After opening remarks about the quarter, we will open the call for questions. I would like to point out that certain statements made on this call, such as those relating to our forecasted revenues, costs, and strategic plans, are forward-looking within the meaning of applicable securities laws. This call also includes references to non-GAAP measures, like adjusted EBITDA, adjusted earnings per share, and return on invested capital. Please refer to our most recent press release and MD&A for important assumptions and cautionary statements relating to forward-looking information and for reconciliation of non-GAAP measures to GAAP income. I will now turn the call over to Pauline.

Thank you, David. Good morning, everyone, and thank you for joining us today. Before we begin, I want to take a moment and recognize our CargoJet team. In a highly volatile and uncertain environment, their resilience, their discipline, and their execution continue to set us apart. Their commitment to delivering reliable, world-class service is the foundation of our organization. We concluded the first quarter with an on-time performance of 99.2%, a key metric for our customers. The first quarter were shaped by significant global disruption. The conflict in Iran reduced global air cargo capacity and impacted key hubs across the Middle East. At the same time, disruptions to oil supply routes drove a sharp increase in fuel prices, with volatility remaining elevated and visibility limited. Fuel prices have increased materially during the quarter. Importantly, we have a well-established fuel surcharge mechanism in place. While there is a small time lag, this structure allows us to recover these increases and remain generally cost neutral. This is a critical advantage in managing through periods of volatility. In this turbulent environment, we remain vigilant, and focused. Our ability to dynamically align our fleet, our operations, and our cost structure with market conditions has allowed us to protect margins while maintaining industry-leading on-time performance. That disciplined approach continues to differentiate cargo jets and positions us to perform consistently through uncertainty. Turning to our business segments, our core domestic overnight network delivered a strong and stable performance with revenues in line with the first quarter of last year, despite an unusually strong comparison driven by tariff-related demand pull forward in early 2025. Matching that elevated level reinforces the strength and the resilience of our domestic franchise. Our hybrid ACMI business performs in line with expectations and reflects a more normalized run rate. We continue to manage this segment on a quarter-by-quarter basis, ensuring we remain agile and responsive to evolving market conditions rather than committing to fixed long-term assumptions. Our charter business continues to be an important strategic growth leader. We are deliberately focused on selective, high-value opportunities in underserved and niche markets, where our flexibility and operating model provide a clear competitive advantage. A strong example of this is our recent charters to Venezuela for a South American-focused partner. The first by a Canadian carrier in approximately seven years. This demonstrates our ability to access markets and to create value through execution and network reach. The grounding of the MD-11 aircraft has also created incremental demand for lift, and we have been selectively capturing that opportunity. We are approaching this by ensuring we remain disciplined and do not overcommit capacity against what is, by nature, a very fluid situation. That said, based on current visibility, regulatory authorities have not identified a clear timeline for the MD-11 fleet to return to service, which continues to support near-term demand for our network as well as charter opportunities. We will continue to leverage this dislocation where it makes strategic and economic sense, while maintaining full flexibility in how we deploy our assets. We anticipate our MD-11 flying to continue to at least the third quarter of this year. Our Liege operation continues to perform above expectations, strengthening our European connectivity enhancing the value of our domestic network through integrated global flows. Overall, we are very pleased with our performance in the first quarter. In the challenging and uncertain operating environment, our team executed exceptionally well, maintaining our existing business while continuing to identify and capitalize on new opportunities, which has always been our strength. Looking ahead, While the global trade and geopolitical environment remain unstable, our strategy remains clear. We will continue to operate with discipline, remain focused in how we deploy our assets, and selectively pursue opportunities where we have a structural advantage. Cargojet is built for this kind of environment, and we intend to continue executing from a position of strength. With that, I'll turn the call over to Aaron to review our financial performance.