Air T, Inc. · NASDAQ:AIRT
Air T — Q1 FY2027 Earnings Presentation
53 slides from Air T's earnings presentation, Jun 30, 2026
Slide 1: A Portfolio of Powerful Companies: FY27 Q1 Update
As of June 30, 2026 A PORTFOLIO OF POWERFUL COMPANIES FY27 Q1 Update NASDAQ: AIRT
Slide 2: Safe Harbor
Certain statements in this Report, including those contained in “Overview,” are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the Company’s financial condition, results of operations, plans, objectives, future performance and
Slide 3: Contents
1. About AIR T, INC. CONTENTS 2. Our Growth Strategies 3. Quarterly News and Financial Updates 4. Appendix - Risk Factors 3
Slide 4: About Air T, Inc.
ABOUT AIR T, INC. ETGTTE A POR|FOLIO 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: Flywheel
Identify good ideas Build a brand and industrious Match with network capital partners FLYWHEEL Generate Secure and extremely empower attractive dynamic returns on management capital 1 See Slide 43 for case study demonstrating the Air T Flywheel in Action 6
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: Our Twelve Year Journey
Our Twelve Year Journey 12 Months Ended Metrics 3/31/14 6/30/262 Businesses 3 21 Revenue $ 100.8M $ 371.7M Adj. EBITDA $ 3.4M $ 9.5M Total Debt $ - $ 246.3M Holdco Recourse Debt $ - $ 74.1M Total Assets $ 37.2M $ 469.1M Tangible Net Working Capital1 $ 16.1M $ 82.3M Book Value $ 27.4M $ 66.9M Market
Slide 9: 1Q27 Revenue and Adjusted EBITDA by segment
$115.5M $0.8M 6 21 1,600+ 1Q27 Revenue 1Q27 Adj. EBITDA CORE SEGMENTS COMPANIES EMPLOYEES (Net of intersegment eliminations) (Net of corporate overhead & intersegment eliminations) REGIONAL AIRLINE OVERNIGHT AIR CARGO COMMERCIAL AIRCRAFT ENGINES AND PARTS $55.9M $1.9M $30.0M $2.1M $20.5M ($0.5M) 1Q2
Slide 10: LTM 1Q27 Revenue and Adjusted EBITDA by segment
$371.7M $9.5M 6 21 1,600+ LTM 1Q27 Revenue LTM 1Q27 Adj. EBITDA CORE SEGMENTS COMPANIES EMPLOYEES (Net of intersegment eliminations) (Net of corporate overhead & intersegment eliminations) OVERNIGHT AIR CARGO REGIONAL AIRLINE COMMERCIAL AIRCRAFT ENGINES AND PARTS $128.4M $7.4M $111.2M $1.9M $88.3M $
Slide 11: AIR T, INC. FY Financial Highlights (1Q Results)
1Q RESULTS AIR T, INC. FY Financial Highlights (For the Three-Month Period Ended 6/30) 1Q23 1Q24 1Q251 1Q26 1Q27 Revenue $ 50.9M $ 71.4M $ 66.4M $ 70.9M $ 115.5M Adjusted EBITDA2 $ 1.5M $ 1.4M $ 0.9M $ 1.5M $ 0.8M 1 Adjusted EBITDA includes addition of share-based compensation and severance expense
Slide 12: AIR T, INC. FY Financial Highlights (LTM Results)
LTM RESULTS AIR T, INC. FY Financial Highlights (For the Last Twelve-Month Period Ended 6/30) 1Q233 1Q24 1Q251 1Q26 1Q27 Revenue $ 191.0M $ 267.9M $ 281.8M $ 296.3M $ 371.7M Adjusted EBITDA2 $ 3.5M $ 6.0M $ 5.7M $ 8.0M $ 9.5M 1 Adjusted EBITDA includes addition of share-based compensation and severa
Slide 13: Track Record of Revenue and Earnings Growth
LTM RESULTS AIR T, INC. Track Record of Revenue and Earnings Growth (For the Last Twelve-Month Period Ended 6/30) 13
Slide 14: Growth Strategies
GROWTH STRATEGIES EXIT A PORTFOLIO OF POWERFUL COMPANIES
Slide 15: 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. ■ Find investment opportunities and fund alongside third-party capital partnerships. ■ Identify great marketable securities or alternat
Slide 16: Reinvest in 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. 16
Slide 17: 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. 17
Slide 18: Identify 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. 18
Slide 19: Create 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. 19
Slide 20: 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 21: Portfolio of Companies
Portfolio of Companies Company Name Ownership % Acquisition Year (Calendar) Website Overnight Air Cargo Mountain Air Cargo 100% N/A mtaircargo.com CSA Air 100% N/A csaair.com Worldwide Aircraft Services 100% 2023 worldwide-aircraft.com Royal Aircraft Services 100% 2025 royalaircraft.com Commercial A
Slide 22: Acquisition Timeline (2016-2026)
Acquisition Timeline (2016-2026) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Contrail AirCo, AirCo Ambry Hill Air'Zona World ACD LGSS Royal Aircraft Arena Aviation Aviation Services Tech CAEAP Digital Solutions CAEAP Overnight Air Capital CAEAP CAEAP Digital Solutions Cargo ALAM Jet Yard
Slide 23: Global Ground Support: a Transformation
CASE STUDY Global Ground Support: a Transformation ■ In 1997, Air T acquired Simon Deicer, a small manufacturer of de-icing equipment – which was 3/31/14 3/31/26 rebranded into Global Ground Support (GGS). ■ Since late 2013 under new Air T leadership, GGS Revenue (for 12-month period ended 3/31) $ 3
Slide 24: Crestone Completes Acquisition of Arena Aviation Capital
Crestone Completes Acquisition of Arena Aviation Capital AVIATION LEASING AND On June 10, 2026, Crestone Air Partners completed the acquisition of 100% of Arena Aviation Partners B.V. The ASSET MANAGEMENT acquired business becomes part of the newly created Aviation Leasing and Asset Management segme
Slide 25: Regional Airline
SEGMENT 1 Regional Airline Three-month period ended 6/30 1Q26 1Q27 Revenue $ - $ 55.9M Adjusted EBITDA* $ - $ 1.9M ■ Acquired in December 2025. ■ Includes Regional Express Holdings Ltd. (REX) and Australian Airline Pilot Academy (AAPA). ■ Regional Airline servicing regional and remote communities in
Slide 26: Overnight Air Cargo
SEGMENT 2 Overnight Air Cargo Three-month period ended 6/30 1Q26 1Q27 Revenue $ 31.5M $ 31.2M Adjusted EBITDA* $ 1.6M $ 2.1M ■ 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 sinc
Slide 27: Commercial Aircraft Engines and Parts
SEGMENT 3 Commercial Aircraft Engines and Parts Three-month period ended 6/30 1Q26 1Q27 Revenue $ 22.4M $ 20.8M Adjusted EBITDA* $ 0.7M $ (0.5M) ■ 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).
Slide 28: Ground Support Equipment
SEGMENT 4 Ground Support Equipment Three-month period ended 6/30 1Q26 1Q27 Revenue $ 15.1M $ 3.7M Adjusted EBITDA* $ 1.4M $ (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 ef
Slide 29: Digital Solutions
SEGMENT 5 Digital Solutions Three-month period ended 6/30 1Q26 1Q27 Revenue $ 2.1M $ 2.6M Monthly Recurring $ 0.7M $ 0.9M Revenue (MRR) Adjusted EBITDA* $ (0.0M) $ 0.4M ■ Digital solutions develops and provides digital aviation and other business services to customers within the aviation industry to
Slide 30: Aviation Leasing and Asset Management
SEGMENT 6 Aviation Leasing and Asset Management Three-month period ended 6/30 1Q26 1Q27 Revenue $ - $ 1.4M Adjusted EBITDA* $ - $ (0.3M) ■ The Aviation Leasing and Asset Management segment was formed in June 2026 and consists of Crestone Air Partners and Arena. ■ Both entities originate and structur
Slide 31: Aircraft Asset Management
Aircraft Asset Management As of: 3/31/24 3/31/25 3/31/26 6/30/26 Aircraft Assets Under Management $ 428M $ 577M $ 917M $ 3,024M (Net of Dispositions) Aircraft Assets Purchased $ 429M $ 632M $ 397M $ 90M ■ We manage assets for ourselves and our investor partners. The asset types include leased aircra
Slide 32: Revenue by Business Unit (1Q)
1Q RESULTS AIR T, INC. FY Revenue by Business Unit (For the Three-Month Period Ended 6/30, all $s in Millions) Quarter Ended June 30 H/(L) 1Q26 1Q27 Mountain Air Cargo 25.0 24.4 (0.6) (3%) CSA Air 3.5 3.2 (0.3) (8%) Worldwide Aircraft Services 2.8 3.2 0.4 14% Royal Aircraft Services 0.2 0.4 0.3 183%
Slide 33: Revenue by Business Unit (LTM)
LTM RESULTS AIR T, INC. FY Revenue by Business Unit (For the Twelve-Month Period Ended 6/30, all $s in Millions) LTM Ended June 30 H/(L) 1Q26 1Q27 Mountain Air Cargo 100.5 100.8 0.3 0% CSA Air 14.1 13.6 (0.5) (4%) Worldwide Aircraft Services 11.2 12.6 1.4 13% Royal Aircraft Services 0.2 1.5 1.3 871%
Slide 34: Adjusted EBITDA by Business Unit (1Q)
1Q RESULTS AIR T, INC. Adjusted EBITDA by Business Unit (For the Three-Month Period Ended 6/30, all $s in Millions) Quarter Ended June 30 H/(L) 1Q26 1Q27 Mountain Air Cargo 1.1 1.2 0.0 3% CSA Air 0.2 0.2 0.0 9% Worldwide Aircraft Services 0.4 0.7 0.3 90% Royal Aircraft Services (0.1) 0.0 0.1 NM Over
Slide 35: Adjusted EBITDA by Business Unit (LTM)
LTM RESULTS AIR T, INC. Adjusted EBITDA by Business Unit (For the Twelve-Month Period Ended 6/30, all $s in Millions) LTM Ended June 30 H/(L) 1Q26 1Q27 Mountain Air Cargo 4.9 4.2 (0.7) (15%) CSA Air 0.8 0.8 0.0 3% Worldwide Aircraft Services 0.8 2.5 1.7 207% Royal Aircraft Services (0.1) (0.1) (0.0)
Slide 36: Adjusted EBITDA Reconciliation (1Q)
1Q RESULTS Adjusted EBITDA Reconciliation (For the Three-Month Period Ended 6/30) 1Q23 1Q24 1Q25 1Q26 1Q27 GAAP Operating Income / (Loss) $ 0.8M $ 0.7M $ (0.6M) $ 0.8M $ (12.8M) Rex-Related Expenses: $ - $ - $ - $ - $ 9.5M Depreciation & Amortization $ - $ - $ - $ - $ 8.8M Post-Acquisition Integrati
Slide 37: Adjusted EBITDA Reconciliation (LTM)
LTM RESULTS Adjusted EBITDA Reconciliation (For the Twelve-Month Period Ended 6/30) 1Q23 1Q24 1Q251 1Q26 1Q27 Operating Income (GAAP) $ 9.6M $ (4.6M) $ 0.0M $ 3.3M $ (24.9M) Rex-Related Expenses: $ - $ - $ - $ - $ 27.2M Acquisition and Deal-Sourcing $ - $ - $ - $ - $ 5.5M Post-Acquisition Integratio
Slide 38: Spotlight: Rex - 1Q27
SPOTLIGHT Spotlight: Rex - 1Q27 REGIONAL AIRLINE SEGMENT 1Q27 PERFORMANCE OPERATING PROFILE ■ Total revenue of $55.9M - passenger, ■ 32 active Saab 340 aircraft with 30 flying $55.9M ancillary, freight, charter, and gov’t subsidy as of 8/11/26; fully owned fleet Revenue — first full quarter ■ Operat
Slide 39: Crestone Air Partners: Air T Flywheel in Action
SPOTLIGHT Crestone Air Partners: Air T Flywheel in Action Excerpts below from Air T 2026 Letter to Shareholders: Identify Good Ideas: • “Crestone management spun out of Contrail when it became clear that we had a Identify good team that was more into leasing than Contrail’s core engine teardown busi
Slide 40: Distributions Received from Equity Method Investees
DISTRIBUTIONS AIR T, INC. Distributions Received from Equity Method Investees Three-month period ended 6/30 Air T's Major Investees 6/30/24 6/30/25 6/30/26 Air T's Adjusted EBITDA $ 0.9M $ 1.5M $ 0.8M Plus: Distributions Received from Investments: Bloomia $ - $ - $ - CCI $ - $ - $ - Aircraft L.P. In
Slide 41: GAAP Book Value of Non-Operating Assets
OTHER ASSETS GAAP Book Value of Non-Operating Assets AIR T, Inc. owns the following public and private securities: AIR T, INC. Non-Operating Assets 3/31/23 3/31/24 3/31/25 3/31/26 6/30/26 Bloomia Holdings, Inc. (TULP) Stock, $ 3.8M $ 2.2M $ 0.7M $ - $ 4.1M "GAAP Book Value"1 CCI Investments (20.1% a
Slide 42: Consolidated Debt Schedule
(in $USD millions) Rate Maturity Type 1Q27 FY26 CONSOLIDATED DEBT SCHEDULE AIR T, INC. DIRECT & GUARANTEED Bank Debt Alerus Term Note A SOFR + 2.00% 8/15/2029 Bank 7.9 8.3 Alerus Term Note C SOFR + 2.25% 5/15/2030 Bank 0.9 0.9 Overline Note - Alerus SOFR+2.00% 10/15/2026 Bank 2.8 - Alerus Revolver (
Slide 43: Appendix
APPENDIX ETEGANTA A POR|HFOLIO OF POWERFUL COMPANIES
Slide 44: Corporate and Other Subcomponent of Operating Income
Corporate and Other Subcomponent of Operating Income (excluding Equity Method Investments) Three-month period ended 6/30 1Q26 1Q27 Corporate Overhead $ (1.9M) $ (2.1M) Other Subsidiaries1 $ (0.8M) $ (0.8M) Total Corporate and Other $ (2.7M) $ (2.9M) 1 Consists of other consolidated businesses that a
Slide 45: Corporate Overhead Detail
Corporate Overhead Detail Three-month period ended 6/30 1Q26 1Q27 Central Purchases1 $ 2.2M $ 2.8M HoldCo Costs2 $ 0.7M $ 1.1M Costs of Being a Publicly Traded Company3 $ 0.6M $ 0.7M Shared Services4 $ 0.8M $ 1.0M M&A Related Costs5 $ 0.2M $ - Subtotal $ 4.6M $ 5.7M Business Consumption Allocations6
Slide 46: Consolidated Debt Schedule (Pre-FY26)
Consolidated Debt Schedule (Pre-FY26) (in $USD millions) Rate Maturity Type FY25 FY24 FY23 FY22 AIR T, INC. DIRECT & GUARANTEED Bank Debt Alerus Term Note A SOFR + 2.00% 8/15/2029 Bank 9.8 - - - Alerus Revolver ($20M capacity as of 9/30/25) SOFR + 1.90% 8/28/2027 Bank 6.1 - - - MB&T Notes A, B, D, E
Slide 47: Operating Income Reconciliation
LTM RESULTS Operating Income Reconciliation (Between Twelve-Month Period Ended 6/30 and As Reported) 1Q23 1Q24 1Q25 1Q26 1Q27 Operating Income / (Loss) $ 8.8M $ (4.4M) $ 1.3M $ 1.9M $ (11.2M) FY Ended 3/31 (10-K) Add: Operating Income / (Loss) - Three $ 0.8M $ 0.7M $ (0.6M) $ 0.8M $ (12.8M) Months E
Slide 48: Revenue Reconciliation
LTM RESULTS Revenue Reconciliation (Between Twelve-Month Period Ended 6/30 and As Reported) 1Q23 1Q24 1Q25 1Q26 1Q27 Revenue, FY Ended 3/31 (10-K) $ 177.1M $ 247.3M $ 286.8M $ 291.9M $ 327.1M Add: Revenue - Three Months Ended $ 50.9M $ 71.4M $ 66.4M $ 70.9M $ 115.5M 6/30, Current Year (10-Q) Less: R
Slide 49: 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 50: 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, eng
Slide 51: 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 52: Summary Risk Factors: Structure and Financing
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) ● Our current financing arrangements require compliance with fi
Slide 53: Summary Risk Factors: Rex
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 Rex ● We may not be able to successfully integrate Rex into our operations, including our financial reporting processes