Air T, Inc. · NASDAQ:AIRT
Air T — Q3 FY2026 Earnings Presentation
43 slides from Air T's earnings presentation, Dec 31, 2025
Slide 1: A Portfolio of Powerful Companies: FY26 Q3 Update
As of December 31, 2025 A PORTFOLIO OF POWERFUL COMPANIES FY26 Q3 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: Contents
1. About AIR T, INC. CONTENTS 2. Quarterly News and Financial Updates 3. Our Growth Strategies 4. Appendix - Risk Factors 3
Slide 4: About Air T, Inc.
ABOUT AIR T, INC. EMUATTA A PORTFOLIO OF POWERFUL COMPANIES
Slide 5: 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 6: 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 7: Portfolio of Companies
a APO! Portfolio of Companies Acquistion Year ‘Company Name Ownership % (Calendar) SEC Filing Segment Website Consolidated Mountain Air Cargo 100% N/A ‘Overnight Air Cargo mtaircargo.com CSA Air 100% N/A Overnight Air Cargo csaair.com Worldwide Aircraft Services 100% 2023 Overnight Air Cargo worldwi
Slide 8: Our Twelve Year Journey
Our Twelve Year Journey 12/31/2013 12/31/2025 Businesses 3 20 Revenue (for 9-month periods ended 12/31) $75.3M $206.2M Adj. EBITDA (for 9-month periods ended 12/31) $2.3M $9.5M Total Debt $0.0M $194.2M Total Assets $36.5M $381.8M Tangible Net Working Capital1 $15.6M $92.6M Market Capitalization $18.
Slide 9: Acquisition Timeline Slide
Acquisition Timeline Slide 9 9
Slide 10: Organic vs. Inorganic Revenue Growth (FY21 → FY25)
Organic vs. Inorganic Revenue Growth (FY21 → FY25) $300M +$39.5M +$5.1M $29.6M +$70.2M $250M $9.9M $64.8M $200M +$2.0M $0.8M $5.4M $1.2M $150M $291.9M $100M $175.1M $50M $0M FY21 FY22 FY23 FY24 FY25 FY25 Revenue Growth Growth Growth Growth Revenue Total Revenue Organic Inorganic $116.8M $100.4M $16.
Slide 11: Organic vs. Inorganic Adj. EBITDA Growth (FY21 → FY25)
Organic vs. Inorganic Adj. EBITDA Growth (FY21 → FY25) $10M $8M +$1.2M +$0.2M $1.2M +$3.7M $0.9M $6M $1.3M $(0.7)M $4M $2.4M $7.4M +$3.6M $2M $3.6M $0M $(1.3)M $(2)M FY21 FY22 FY23 FY24 FY25 FY25 EBITDA Growth Growth Growth Growth EBITDA Total EBITDA Organic Inorganic $8.7M $7.0M $1.7M Total Growth
Slide 12: Q3 News: Regional Express Holdings Ltd. Acquisition
Regional Express Holdings Ltd. Acquisition ▪ On December 18, 2025, Air T Rex Acquisition, Inc., a wholly owned subsidiary of the Company (the "Purchaser" or "Air T Rex"), completed the acquisition of substantially all of the assets and operations of Rex Express Holdings Ltd ("Rex"), an Australian re
Slide 13: Regional Express Holdings Ltd. Acquisition
Regional Express Holdings Ltd. Acquisition Designated by the Australian Government as essential aviation infrastructure, Rex provides vital connectivity for regional and remote communities—enabling access to healthcare, education, commerce, and critical freight services across rural Australia. CRITI
Slide 14: FY25 Revenue, Adj. EBITDA and Core Segments
$292M $7.4M 5 20 1500+ FY25 Revenue FY25 Adj. EBITDA* CORE SEGMENTS COMPANIES EMPLOYEES COMMERCIAL DIGITAL OVERNIGHT AIR AIRCRAFT ENGINES SOLUTIONS CARGO AND PARTS GROUND SUPPORT REGIONAL AIRLINE EQUIPMENT *See Adjusted EBITDA reconciliation on slide 39 14
Slide 15: FY Financial Highlights: Nine-Month Results
FYTD Results AIR T, INC. FY Financial Highlights (For the Nine-Month Period Ended 12/31) FY26 FY25 FY24 FY23 FY22 Revenue $206.2M $225.5M $214.2M $173.0M $125.6M Operating $2.6M $4.5M ($0.2M) $1.1M $0.7M Income Adjusted $9.5M $8.6M $2.9M $5.2M $1.9M EBITDA* *See Adjusted EBITDA reconciliation on sli
Slide 16: FY Financial Highlights: Twelve-Month Results
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 17: Look-Through Earnings (Nine 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 (Nine-month period ended) (%) 12/31/25 12/31/24 Bloomia Holdings, Inc.1 27.5% $0.2 ($0.8) Cadillac Casting Inc.1 20.1% $0.1 $0.8 Crestone Asset Management2 90.0%
Slide 18: 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 Bloomia Holdings, Inc.1 27.5% ($0.8) ($0.3) Cadillac Casting Inc1 20.1% $0.1 $1.3 Crestone Asset Management2 90.0% $
Slide 19: Commercial Aircraft Engines and Parts
SEGMENT 1 Commercial Aircraft Engines and Parts Nine-Month Period FY26 FY25 Ended 12/31 Revenue $61.7M $91.9M Adjusted EBITDA* $7.5M $8.8M ■ 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). ■ Com
Slide 20: Overnight Air Cargo
SEGMENT 2 Overnight Air Cargo Nine-Month Period FY26 FY25 Ended 12/31 Revenue $91.1M $92.2M Adjusted EBITDA* $4.4M $5.9M ■ 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 19
Slide 21: Ground Support Equipment
SEGMENT 3 Ground Support Equipment Nine-Month Period FY26 FY25 Ended 12/31 Revenue $37.5M $33.7M Adjusted EBITDA* $4.7M $0.2M ■ 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 efficie
Slide 22: Digital Solutions
SEGMENT 4 Digital Solutions Nine-Month Period FY26 FY25 Ended 12/31 Revenue $6.8M $5.5M Monthly Recurring $0.8M $0.7M Revenue (MRR) Adjusted EBITDA* ($0.3M) ($0.4M) ■ Digital solutions develops and provides digital aviation and other business services to customers within the aviation industry to gen
Slide 23: Regional Airline
SEGMENT 5 Regional Airline Nine-Month Period FY26 FY25 Ended 12/31 Revenue $5.2M N/A Adjusted EBITDA* ($0.5M) N/A ■ Includes Regional Express Holdings Ltd. (REX) and Australian Airline Pilot Academy (AAPA). ■ Regional Airline servicing regional and remote communities in Australia. ■ Owner and operat
Slide 24: Corporate and Other Subcomponent of Operating Income
Corporate and Other Subcomponent of Operating Income (excluding Equity Method Investments) Nine-Month Period Ended FY26 FY25 12/31 Corporate Overhead ($8.5M) ($4.5M) Other subsidiaries1 ($2.2M) ($2.6M) Total Corporate and Other ($10.7M) ($7.1M) 1 Consists of other consolidated businesses that are in
Slide 25: Corporate Overhead Detail
Corporate Overhead Detail Nine-Month Period Ended 12/31 FY26 FY25 Central Purchases1 $2.4M $1.7M HoldCo Costs2 $2.2M $2.3M Costs of Being a Publicly Traded $2.0M $1.6M Company3 Shared Services4 $2.8M $2.9M M&A Related Costs5 $3.1M $0.0M Subtotal $12.5M $8.5M Business Consumption Allocations6 ($4.0M)
Slide 26: 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) 12/31/25 3/31/25 3/31/24 3/31/23 3/31/22 Bloomia Holdings, Inc. (TULP) Stock $0.6 $0.7 $2.2 $3.8 $4.6 CCI Investment (20.1% as of 12/31/25)2 $3.7 $3.9 $3.7 $3.1 $2.
Slide 27: Aircraft JVs
Aircraft JVs As of 12/31/25 3/31/25 3/31/24 3/31/23 Aircraft JV Assets Under Management $797M $577M $428M $150M (net of dispositions) Aircraft JV Assets $867M $632M $429M $150M Purchased ■ We manage assets for ourselves and our investor partners. The asset types include leased aircraft, consignments
Slide 28: YTD FY26 Dividends Received from Equity Method Investees
DISTRIBUTIONS AIR T, INC. YTD FY26 Dividends Received from Equity Method Investees (For the Nine-Month Period Ended 12/31) Equity Method Investment (in millions) FY26 FY25 Lendway $0.0 $0.0 CCI $0.0 $0.0 Aircraft JV’s $3.5 $3.9 Other $0.7 $1.2 Total $4.2 $5.1 28
Slide 29: 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 30: Growth Strategies
GROWTH STRATEGIES EVRA A PORGFOLIO OF POWERFUL COMPANIES 30
Slide 31: 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 32: 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. 32
Slide 33: 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. 33
Slide 34: 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. 34
Slide 35: 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. 35
Slide 36: 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 37: Appendix
APPENDIX APOR[JFOLIO OF POWERFUL COMPANIES
Slide 38: Adjusted EBITDA Reconciliation (Nine Months)
FYTD Results Adjusted EBITDA Reconciliation (For the Nine-Month Period Ended 12/31) FY26 FY25 FY24 FY23 FY22 Operating Income (GAAP) $2.6M $4.5M ($0.2M) $1.1M $0.7M Depreciation (excluding leased $3.0M $2.3M $2.1M $1.8M $1.0M engine depreciation) Asset Impairment, write-downs, $1.1M $0.8M $0.3M $2.2
Slide 39: Adjusted EBITDA Reconciliation (Twelve Months)
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: 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 41: 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 42: 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 43: 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