Surf Air Mobility Inc. · NYSE:SRFM
Surf Air Mobility — Q4 2025 Earnings Presentation
26 slides from Surf Air Mobility's earnings presentation, Mar 12, 2026
Slide 1: Transforming Air Mobility through AI and Electrification
I N V E S T O R P R E S E N TAT I O N 03.2026 Transforming Air Mobility through AI and Electrification NYSE: SRFM ©2026 SURF AIR MOBILITY
Slide 2: Disclaimer
DISCLAIMER Forward Looking Statements Non-GAAP Financial Measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including This presentation includes information that does not conform to GAAP and are considered non-GA
Slide 3: We are building the air mobility platform that will transform regional flying
SURF AIR MOBILITY NYSE: SRFM We are building the air mobility platform that will transform regional flying ©2026 SURF AIR MOBILITY 3
Slide 4: Why we are uniquely positioned to win in the Regional Air Mobility market
S T R AT E G I C D I F F E R E N T I AT O R S Why we are uniquely positioned to win in the Regional Air Mobility (‘RAM’) market Scale One of the largest regional commuter airlines in the U.S.1 flying ~300K passengers per year2 Experience Established operations and brand in a highly regulated industr
Slide 5: While UAM currently lacks infrastructure and commercial airline traffic is overly concentrated
AIR MOBILITY LANDSCAPE AIR MOBILITY While UAM currently lacks infrastructure and commercial airline traffic is overly concentrated, RAM leverages existing, underutilized regional airports. URBAN AIR MOBILITY REGIONAL AIR MOBILITY COMMERCIAL AIRLINES ~15-50 ~50-500 500+ MILES MILES MILES P O I N T-T
Slide 6: Regional Air Mobility will experience transformational growth over the next decade
M A R K E T O P P O RT U N I T Y AIR MOBILITY Regional Air Mobility will experience transformational growth over the next decade “Innovative propulsion… could usher in a new era of frequent, $75B - $115B 1 convenient passenger flights on small regional aircraft.” Global regional mobility market by 2
Slide 7: Two complementary business units combine to scale regional air mobility
SURF AIR MOBILITY OVERVIEW Two complementary business units combine to scale regional air mobility AIR MOBILITY AIR TECHNOLOGY SCHEDULED Air Service On-demand P R I VAT E C H A RT E R s o f t wa r e E L E C T R I F I C AT I O N Technology DISTRIBUTION Established regional air mobility platform provi
Slide 8: 4-Phase Transformation Overview
4-PHASE T R A N S F O R M AT I O N OVERVIEW PHASE 1 PHASE 2 PHASE 3 PHASE 4 2024 2025 - 2026 2026 - 2027 2027+ Transformation Optimization Expansion Acceleration Improved capital structure Optimize airline operations Deploy SurfOS to third-parties Deploy electric aircraft Strengthened balance sheet
Slide 9: Transformation Plan Progress Highlights: Financial & Capital Structure
T R A N S F O R M AT I O N P L A N P R O G R E S S H I G H L I G H T S [ 1 ] We continue to make strong progress on our 4-phase Transformation Plan K E Y AC H I E V E M E N T S 4 PHASES F I N A N C I A L & C A P I TA L S T R U C T U R E O P T I M I Z AT I O N Achieved full-year revenue above guidanc
Slide 10: Transformation Plan Progress Highlights: Operational Optimization
T R A N S F O R M AT I O N PLAN PROGRESS HIGHLIGHTS [1] We continue to make strong progress on our 4-phase Transformation Plan KEY ACHIEVEMENTS 4 PHASES O P E R AT I O N A L O P T I M I Z AT I O N Operational improvements resulted in airline operations profitability for full year 20251 I . T R A N S
Slide 11: Transformation Plan Progress Highlights: SurfOS and Electrification
T R A N S F O R M AT I O N P L A N P R O G R E S S H I G H L I G H T S [ 1 ] We continue to make strong progress on our 4-phase Transformation Plan KEY ACHIEVEMENTS 4 PHASES S U R F O S A N D E L E C T R I F I C AT I O N Partnered with BETA Technologies (NYSE: BETA) to launch commercial electric air
Slide 12: Business overview
SURF AIR MOBILITY NYSE: SRFM A NEW ERA OF FLYING Business overview ©2026 SURF AIR MOBILITY 12
Slide 13: Surf Air Mobility by the numbers
SURF AIR MOBILITY BY THE NUMBERS We are one of the largest commuter airlines by scheduled departures and we are developing category-defining software for the industry with Palantir NYSE: SRFM TOP 5 SHAREHOLDERS 3 $107M T O TA L R E E N U E F Y 2 0 2 5 1 ~7.7% ~3.6% SCHEDULED O N DE M A N D C H A RT
Slide 14: We've flown millions of passengers over millions of miles
SCHEDULED AIR SERVICE AIR MOBILITY We’ve flown millions of passengers over millions of miles 1 MAINL AND u.s. & H AWA I I INTERLINE PA RT N E R T O TA L SCHEDULED 2025 DISTRIBUTION 38 3 AIRCRAFT 2 ~435M ~$78M Cuu u Ru sss s 300K Psss 60K T su us 160+ D A I LY D E PA RT U R E S Network as of Q4 2025
Slide 15: Our Hawaii network will be the showcase for regional air mobility and electrification
SCHEDULED AIR SERVICE: HAWAII HIGHLIGHT AIR MOBILITY Our Hawaii network will be the showcase for regional air mobility and electrification MOKULELE NETWORK 9 AIRPORTS HAWAII OPERATIONS 2025 1 MK 10 ROUTES ~$29M Revenue from Haaii netor M Illustrative Rendering 36K+ Sceduled departures MOKULELE ADVAN
Slide 16: Recurring government contracts currently drive ~42% of total revenue
Scheduled air service: ESSENTIAL AIR SERVICE (E AS) HIGHLIGHTS AIR MOBILITY 1 Recurring government contracts currently drive ~42% of total revenue EAS NETWORK 2025 1 EAS NETWORK ~$45M 12 3-4Y EAS susid reveue EAS cuiies av l e h 3 i er crac W H AT I S E A S Created by Congress in 1978, the EAS progr
Slide 17: Global on-demand charter operations
o n d e m a n d P R I VAT E C H A R T E R AIR MOBILITY Global on-demand charter operations I N T E R N AT I O N A L T O TA L O N D E M A N D 2025 1 DOMESTIC $29M Reene 2,929 D ea e 440+ 3 Oeao e aon O N D E M A N D A D VA N TA G E S Asset-light business model Focus on regional mobility with fewer su
Slide 18: Ongoing evaluation of new venture partnerships with industry leaders
N E W V E N T U R E S T R AT E G Y Ongoing evaluation of new venture partnerships with industry leaders to pursue upside drivers in a more capital-efficient manner RECENT ACHIEVEMENT Company entered into a five-year agreement with Palantir, expanding relationship to include exclusivity with respect
Slide 19: We are developing an all-in-one software platform for the Regional Air Mobility industry
U P S I D E D R I V E R : S U R F O S S O F T WA R E AIR TECHNOLOGY We are developing an all-in-one software platform for the Regional Air Mobility industry T H E ‘ O P E R AT I N G S Y S T E M ’ F O R R E G I O N A L A V I AT I O N Building the software platform to support the growth and operations
Slide 20: Our multi-pronged strategy is designed to significantly improve unit economics
U P S I D E D R I V E R : E L E C T R I F I C AT I O N S T R AT E G Y AIR TECHNOLOGY Our multi-pronged strategy is designed to significantly improve unit economics and create new revenue streams D E P LOY B E S T- I N - C L A S S E L E C T R I C A I R C R A F T AC R O S S O U R N E T W O R K Reduce
Slide 21: We aim to be the first to launch commercial electric aircraft with BETA Technologies
H I G H L I G H T: B E TA T E C H N O L O G I E S We aim to be the first to launch commercial electric aircraft with BETA Technologies S T R AT E G I C PA RT N E R S H I P D E TA I L S Surf Air Mobility has placed a firm order for 25 of BETA’s all-electric ALIA aircraft and acquired options for up t
Slide 22: Hawaii is a perfect launch region for BETA and Surf Air Mobility
H AWA I I L A N D S C A P E Hawaii is a perfect launch region for BETA and Surf Air Mobility H AWA I I N E T W O R K GEOGRAPHIC FIT Island-to-island distances 56 MILES MOKULEL match BETA’s range A G S TA G E L E N G T H 62 60 miles GREEN COMMITMENT 100% miles State, local, and private sector 73 mile
Slide 23: Surf Air Mobility Management Team
M ANA E ENT TEA G M M Surf Air Mobility Management Team DEANNA WHITE Oliver Reeves Sudhin Shahani CEO Chief Financial Officer Co-Founder Joined Surf Air in 2021 Joined Surf Air in 2023 Co-founded and served as CEO of Surf Air 20+ years of experience in the aerospace industry 10+ years of experience
Slide 24: Surf Air Mobility Management Team
MANAGEMENT TEAM Surf Air Mobility Management Team AMY MALLOUF KEN BIELER Chief Administrative Officer | Chief HR Officer VP of Safety & Regulatory Compliance Joined Surf Air in 2025 Joined Surf Air in 2021 Formerly with Sabre, Teltech Group, Formerly with Wisk, Virgin America, Flexjet United Airline
Slide 25: Surf Air Mobility Board of Directors
BOARD OF DIRECTORS Surf Air Mobility Board of Directors C A R L A L B E RT S H AW N P E L S I N G E R J O H N D ’A G O S T I N O BRUCE HACK Chairman and CEO of Fairchild CAO & CLO of Acrisure Senior Advisor at Founder and CEO of Venture Capital Corporation, Former Global Head, Corporate Coinbase Ins
Slide 26: Email: investors@surfair.com Website: investors.surfair.com
©2026 SURF AIR MOBILIT Y EMAIL: INVESTORS@SURFAIR.COM WEBSITE: INVESTORS.SURFAIR.COM