Slide 1: A Portfolio of Powerful Companies: FY26 Q2 Update
As of September 30, 2025 A PORTFOLIO OF POWERFUL COMPANIES FY26 Q2 Update NASDAQ: AIRT
Slide 2: Safe Harbor
Statements in this document, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties. Actual results may differ materially from those e
Slide 3: Executive Summary: Who We Are
WHO WE ARE ■ AIR T, INC. (NASDAQ: AIRT) is an industrious American company focusing on growing intrinsic value per share at a high rate. EXECUTIVE ■ Founded in 1980, our businesses have a history of growth and cash flow generation. ■ Current management has been in place since 2013. ■ The two largest
Slide 4: Contents
1. About AIR T, INC. CONTENTS 2. Performance 3. Our Growth Strategies 4. Appendix - Risk Factors 4
Slide 5: About Air T, Inc.
ABOUT AIR T, INC. EMUATTA A PORTFOLIO OF POWERFUL COMPANIES
Slide 6: We are an industrious American company established 40+ years and growing
We are an industrious American company established 40+ years and growing. ■ Our businesses have a history of growth and cash flow generation. ■ We seek to identify and empower individuals and teams who will operate businesses well, increasing value over time. ■ We work to activate growth and overcom
Slide 7: Investor-Operator Partnership
“Investor-Operator Partnership” is designed to drive short and long-term value creation. “We want our businesses to be managed by dynamic individuals within high-performance teams. We are set up to make space for dynamos and support their enterprises. The holding company team seeks to focus resource
Slide 8: Flywheel
Identify good ideas Build a brand and industrious Match with network capital partners FLYWHEEL Generate Secure and extremely empower attractive returns dynamic on capital management 88
Slide 9: Core segments overview: FY25 revenue and Adjusted EBITDA
$292M $7.4M 4 16 646 FY25 Revenue FY25 Adj. EBITDA* CORE SEGMENTS COMPANIES EMPLOYEES COMMERCIAL AIRCRAFT DIGITAL SOLUTIONS ENGINES AND PARTS GROUND SUPPORT OVERNIGHT AIR CARGO EQUIPMENT *See Adjusted EBITDA reconciliation on slide 39 9
Slide 10: FY Financial Highlights (twelve months ended 3/31)
FY Results AIR T, INC. FY Financial Highlights (For the Twelve-Month Period Ended 3/31) FY25 FY24 FY23 FY22 FY21 Revenue $291.9M $286.8M $247.3M $177.1M $175.1M Operating $1.9M $1.3M ($4.4M) $8.8M ($9.2M) Income Adjusted $7.4M $6.2M1 $6.0M $11.4M ($1.3M) EBITDA* *See Adjusted EBITDA reconciliation o
Slide 11: FY Financial Highlights (six months ended 9/30)
FYTD Results AIR T, INC. FY Financial Highlights (For the Six-Month Period Ended 9/30) FY26 FY25 FY24 FY23 FY22 Revenue $135.0M $147.7M $150.4M $111.6M $80.2M Operating $6.4M $3.1M $1.4M $1.0M $0.7M Income Adjusted $9.3M $5.9M $3.1M $3.8M $1.4M EBITDA* *See Adjusted EBITDA reconciliation on slide 40
Slide 12: Commercial Aircraft Engines and Parts
SEGMENT 1 Commercial Aircraft Engines and Parts Six-Month Period FY26 FY25 Ended 09/30 Revenue $42.8M $59.2M Adjusted EBITDA* $7.7M $5.8M ■ We buy aircraft and engines, then either lease, trade, or send them to part out. ■ We supply parts to maintenance, repair, and overhaul facilities (MRO). ■ Comp
Slide 13: Overnight Air Cargo
SEGMENT 2 Overnight Air Cargo Six-Month Period FY26 FY25 Ended 09/30 Revenue $60.5M $61.6M Adjusted EBITDA* $3.4M $3.9M ■ We operate two of the nine FedEx feeder airlines in North America. ■ Business units Mountain Air Cargo and CSA Air have a 40+ year history with FedEx. ■ Air T Companies since 198
Slide 14: Ground Support Equipment
SEGMENT 3 Ground Support Equipment Six-Month Period FY26 FY25 Ended 09/30 Revenue $24.7M $21.8M Adjusted EBITDA* $3.0M $0.0M ■ We manufacture deicing equipment, scissor lift trucks, and other ground support equipment. ■ Sole-source deicer supplier to the US Air Force for 20+ years. ■ Highly efficien
Slide 15: Digital Solutions
SEGMENT 4 Digital Solutions Six-Month Period FY26 FY25 Ended 09/30 Revenue $4.3M $3.5M Adjusted EBITDA* ($0.3M) ($0.4M) ■ Digital solutions develops and provides digital aviation and other business services to customers within the aviation industry to generate recurring subscription revenues. Digita
Slide 16: Corporate and Other Subcomponent of Operating Income
Corporate and Other Subcomponent of Operating Income (excluding Equity Method Investments) Six-Month Period Ended FY26 FY25 9/30 Corporate Overhead ($5.7M) ($2.8M) Other subsidiaries1 ($2.4M) ($1.5M) Total Corporate and Other ($7.1M) ($4.3M) 1 Consists of other consolidated businesses that are insig
Slide 17: Corporate Overhead Detail
Corporate Overhead Detail Six-Month Period Ended FY26 FY25 9/30 Salaries & benefits ($2.9M) ($3.4M) Audit, tax, legal and ($1.3M) ($1.0M) professional fees Acquisition related ($1.8M) $0.0M expenses Health insurance ($1.0M) $0.4M (expenses) benefit1 Other expenses2 ($1.3M) ($1.4M) Subtotal ($8.3M) (
Slide 18: Investing For Growth
Investing For Growth Investment manager focused on unearthing fundamentally attractive small and mid-cap opportunities. Allows us to further expand upon our idea generation capabilities to identify, analyze, develop and execute innovative investment strategies that are aimed at building better finan
Slide 19: Aircraft JVs
Aircraft JVs As of 9/30/25 3/31/25 3/31/24 3/31/23 Aircraft JV Assets Under Management $729M $577M $428M $150M (net of dispositions) Aircraft JV Assets $784M $632M $429M $150M Purchased ■ We manage assets for ourselves and our investor partners. The asset types include leased aircraft, consignments,
Slide 20: BCCM Advisors
BCCM Advisors As of 9/30/25 3/31/25 3/31/24 3/31/23 BCCM Assets Under $43M $26M $37M $33M Management ■ Air T‘s wholly-owned management company, BCCM Advisors, is the manager of a fund focused on growth “at-a- reasonable-price” US Equities, BCCM also conducts ongoing research into new fund approaches
Slide 21: Q2 News: Rex and Alerus Credit Agreement
Regional Express Holdings Limited (Rex) ■ On October 21, 2025, the Company and a wholly-owned, indirect subsidiary of the Company delivered a Sale and Implementation Deed with the Court-Appointed Administrators of Regional Express Holdings Limited (Rex). If creditor, court and other approvals are re
Slide 22: Q2 News: CASP Airbus Sale
CASP Airbus Sale ▪ On August 26, 2024, Contrail executed the operating agreement for CASP Leasing 1, LLC ("CASP"), a newly- created and 95% owned subsidiary of Contrail. Shortly thereafter, on August 29, 2024, CASP entered into two purchase agreements to acquire, and subsequently lease, Q2 NEWS two
Slide 23: Over the last eleven years, revenue has increased 244% and is more diversified
FINANCIAL HIGHLIGHTS Over the last eleven years, revenue has increased 244% and is more diversified. REVENUE $288M* 3% Digital Solutions 41% Commercial Aircraft & Engines +244% Overnight Air Cargo Ground Support $84M 43% Equipment 62% 13% 38% FY14 FY25 *Excludes revenue in FY25 earned outside of our
Slide 24: Non-Operating Assets
OTHER Non-Operating Assets AIR T, Inc. owns the following public and private securities: AIR T, INC. Non-Operating Assets (in millions) 9/30/25 3/31/25 3/31/24 3/31/23 3/31/22 Lendway, Inc. (LDWY) Stock – 0.5M Shares1 $1.4 $0.7 $2.2 $3.8 $4.6 CCI Investment (20.1% as of 09/30/25)2 $3.9 $3.9 $3.7 $3.
Slide 25: YTD FY26 Dividends Received from Equity Method Investees
DISTRIBUTIONS AIR T, INC. YTD FY26 Dividends Received from Equity Method Investees (For the Six-Month Period Ended 9/30) Equity Method Investment (in millions) FY26 FY25 Lendway $0.0 $0.0 CCI $0.0 $0.0 CAM $1.7 $2.3 Other $0.5 $1.1 Total $2.3 $3.3 25
Slide 26: Look-Through Earnings (twelve months)
Look Through Earnings AIR T, INC. Look-Through Earnings Air T’s Major Investees Air T’s Air T’s Share of Earnings (in millions) Ownership (%) (12-month period ended) 03/31/25 03/31/24 Lendway1 27.5% ($0.8) ($0.3) CCI1 20.1% $0.1 $1.3 CAM 90.0%2 $2.9 ($0.2) Air T’s Share of Earnings from Major $2.2 $
Slide 27: Look-Through Earnings (six months)
Look Through Earnings AIR T, INC. Look-Through Earnings Air T’s Major Investees Air T’s Air T’s Share of Earnings (in millions) Ownership (%) (Six-month period ended) 09/30/25 09/30/24 Lendway1 27.5% $0.1 $0.1 CCI1 20.1% $0.2 $0.2 CAM 90.0%2 $3.5 $3.8 Air T’s Share of Earnings from Major $3.8 $4.1 I
Slide 28: Capitalization Table
CAPITALIZATION TABLE AIR T, INC.’s capital structure is designed to appropriately shape our bet sizes; in part by utilizing non-recourse leverage For example, AIR T guarantees Contrail’s bank loans to a maximum limit of $1.6 million. 1The revolver and term notes with MBT were fully paid off with the
Slide 29: Calibrated Investments & Capitalization Structure
STRUCTURE Calibrated Investments & Capitalization Structure Tailored, Limited, Convex Exposures • Convexity-promoting organizational design • Kelly-calibrated investments: sized to edge & bankroll • Limit downside: tailored exposures Risk Management: Downside Protection • Anti-fragile company • Isla
Slide 30: Since 12/31/2013, the share price of AIRT has increased by 10.7% per annum
FINANCIAL HIGHLIGHTS Since 12/31/2013, the share price of AIRT has increased by 10.7% per annum*+. $23.72 + Compares to 12.2% return of the S&P 500 over the same period *Reporting period 9/30/13 to 9/30/25, includes $4M Trust Preferred 30 dividend to common shareholders, paid August 12, 2022.
Slide 31: Average Yearly AIRT Stock Price Performance
FINANCIAL HIGHLIGHTS Average Yearly AIRT Stock Price Performance APOR Sarin ] 12/31/24 IRR 12/31/11 | 12/31/12 | 12/31/13 | 12/31/14 | 12/31/15 | 12/31/16 | 12/34/17 | 12/31/18 | 12/31/19 | 12/31/20 | 12/31/21 | 12/31/22 | 12/31/23 T2731 27% 12/31/13 22.2% 45.6% 12/31/14 41.2% 164% 113.6% 12/31/15 3
Slide 32: Growth Strategies
GROWTH STRATEGIES EMUATTA A PORTFOLIO OF POWERFUL COMPANIES
Slide 33: Our four growth strategies are...
GROWTH STRATEGIES Our four growth strategies are... ■ Invest to build our current high-performing businesses. ■ Seek to acquire new cash-flow generating businesses. ■ Identify great marketable securities or alternative assets. ■ Create unique investment products and fund alongside third- party capit
Slide 34: Reinvest in projects at our high-performing businesses
GROWTH STRATEGY 1 We plan to reinvest in projects at our high-performing businesses by... ■ Purchasing commercial aircraft for trading, leasing and part-out. ■ Purchasing engine parts inventory. ■ Funding deicer builds for Global Ground Support. 34
Slide 35: Acquire new cash-flow generating businesses
GROWTH STRATEGY 2 We seek to acquire new cash-flow generating businesses by... ■ Identifying and acquiring high- performing businesses, which either complement our current portfolio or diversify into industries beyond aviation. 35
Slide 36: Identify great marketable securities or alternative assets
GROWTH STRATEGY 3 We plan to identify great marketable securities or alternative assets by... ■ Searching for another committed activist opportunity. ■ Investing in distressed and high yield securities. ■ Investing in small cap securities. ■ Further investing in our current securities portfolio. 36
Slide 37: Create unique investment products with outside capital partners
GROWTH STRATEGY 4 We plan to create unique investment products with outside capital partners by... ■ Offering thoughtful and sustainable products with attractive return profiles ■ Attracting and retaining sophisticated investment professionals and creating space for talented asset managers. 37
Slide 38: Theoretical Toy Model: Public Company versus Private Equity Fund
TOY MODEL Theoretical Toy Model Public Company versus Private Equity Fund Question: Does a permanent capital vehicle like a ASSUMPTIONS public company have a structural advantage compared Annual Return on Investment 5% to a 7-year PE fund vehicle? Taxes Paid by PE Fund @ 7-year Intervals 30% Hypothe
Slide 39: Adjusted EBITDA Reconciliation (FY)
FY Results Adjusted EBITDA Reconciliation (For the Twelve-Month Period Ended 3/31) FY25 FY24 FY23 FY22 FY21 Operating Income (GAAP) $1.9M $1.3M ($4.4M) $8.8M* ($9.2M) Depreciation (excluding leased $3.0M $2.8M $2.5M $1.6M $1.2M engine depreciation) Asset Impairment, write-downs, $1.5M $1.2M $7.8M $0
Slide 40: Adjusted EBITDA Reconciliation (FYTD)
FYTD Results Adjusted EBITDA Reconciliation (For the Six-Month Period Ended 9/30) FYTD as of 09/30/25 FY26 FY25 FY24 FY23 FY22 Operating Income (GAAP) $6.4M $3.1M $1.4M $1.0M $0.7M Depreciation (excluding leased $1.4M $1.7M $1.4M $1.3M $0.6M engine depreciation) Asset Impairment, write-downs, $0.2M
Slide 41: Q&A with Management
Q&A WITH MANAGEMENT 41
Slide 42: Interactive Q&A through Slido.com
Our interactive Q&A capability, through Slido.com, allows shareholders to ask questions of our management. Recently submitted questions have been answered below. To submit your own question, go to (https://app.sli.do/event/j8drfixw).1 What hurdle rate does the company use when allocating capital? ▪
Slide 43: Appendix: Risk Factors
APPENDIX Risk Factors APOR[JFOLIO OF POWERFUL COMPANIES
Slide 44: Summary Risk Factors
For more detail and explanation, please see the Company’s public filings including its Form S-3 and prospectus supplements filed with the SEC. SUMMARY RISK FACTORS The purchase of securities of Air T, Inc., the “Company,” is highly speculative and involves a very high degree of risk. An investment i
Slide 45: Summary Risk Factors: Segment Operations
For more detail and explanation, please see the Company’s public filings including its Form S-3 and prospectus supplements filed with the SEC. SUMMARY RISK FACTORS Risks Related to Our Segment Operations ● The operating results of our segments may fluctuate, particularly our commercial aircraft engi
Slide 46: Summary Risk Factors: Segment Operations (continued)
For more detail and explanation, please see the Company’s public filings including its Form S-3 and prospectus supplements filed with the SEC. SUMMARY RISK FACTORS Risks Related to Our Segment Operations (continued) ● Our lessees may fail to adequately insure our aircraft or engines which could subj
Slide 47: Summary Risk Factors: Structure and Financing (continued)
For more detail and explanation, please see the Company’s public filings including its Form S-3 and prospectus supplements filed with the SEC. SUMMARY RISK FACTORS Risks Related to Our Structure and Financing/Liquidity Risks (continued) ● Future acquisitions and dispositions of businesses and invest