Air T, Inc. · NASDAQ:AIRT
Air T — Q4 FY2026 Earnings Presentation
48 slides from Air T's earnings presentation, Mar 31, 2026
Slide 1: A Portfolio of Powerful Companies: FY26 Q4 Update
As of March 31, 2026 A PORTFOLIO OF POWERFUL COMPANIES FY26 Q4 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. Quarterly News and Financial Updates 3. Our Growth Strategies 4. Appendix - Risk Factors 3
Slide 4: FY26 Revenue and Adj. EBITDA, Core Segments
$327.1M $10.1M 5 20 1,600+ FY26 Revenue FY26 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 16 4
Slide 5: About Air T, Inc.
ABOUT AIR T, INC. ETGTTE A POR|FOLIO 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: Portfolio of Companies
Portfolio of Companies Acquisition 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 worldwide-aircr
Slide 9: Our Twelve Year Journey
Our Twelve Year Journey 3/31/26 3/31/14 Businesses 20 3 Revenue (for 12-month period ended 3/31) $ 327.1M $ 100.8M Adj. EBITDA (for 12-month period ended 3/31) $ 10.1M $ 3.4M Tangible Net Working Capital1 $ 80.0M $ 16.1M Book Value $ 80.9M $ 27.4M Market Capitalization $ 58.9M $ 20.2M Enterprise Val
Slide 10: 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 CAEAP Jet Yard
Slide 11: Organic vs. Acquisition Revenue Growth (FY22 → FY26)
Organic vs. Acquisition Revenue Growth (FY22 → FY26) Total Revenue Organic Acquisition $150.0M $77.9M $72.1M Total Growth Organic Acquisition 11
Slide 12: Organic vs. Acquisition Adj. EBITDA Growth (FY22 → FY26)
Organic vs. Acquisition Adj. EBITDA Growth (FY22 → FY26) Total Revenue Organic Acquisition $7.8M $6.3M $1.5M Total Growth Organic Acquisition 12 1 In FY22, Adjusted EBITDA was reduced by one-time ERC credit of $9.1M
Slide 13: Recent News: Acquisition of Arena
Acquisition of Arena On June 16, 2026, Air T, Inc. (NASDAQ:AIRT) today announced that its majority owned business Crestone Air Partners, a global aviation RECENT asset management platform, has completed its acquisition of Arena Aviation Capital - a well-established aviation asset manager with a di
Slide 14: Crestone Acquisition of Arena Aviation Capital
Crestone Acquisition of Arena Aviation Capital COMMERCIAL AIRCRAFT Arena is a well-established aviation asset manager with a diversified portfolio and deep airline relationships, materially ENGINES & PARTS expanding Crestone's global aviation leasing platform. BACKGROUND COMBINED PLATFORM AT A GLANC
Slide 15: FY Financial Highlights
FY RESULTS AIR T, INC. FY Financial Highlights (For the Twelve-Month Period Ended 3/31) FY26 FY25 FY241 FY23 FY223 Revenue $ 327.1M $ 291.9M $ 286.8M $ 247.3M $ 177.1M Adjusted EBITDA2 $ 10.1M $ 7.4M $ 6.2M $ 6.0M $ 2.3M 1 Adjusted EBITDA includes addition of share-based compensation and severance e
Slide 16: Adjusted EBITDA Reconciliation
FY RESULTS Adjusted EBITDA Reconciliation (For the Twelve-Month Period Ended 3/31) FY26 FY25 FY241 FY23 FY22 Operating Income (GAAP) $ (11.2M) $ 1.9M $ 1.3M $ (4.4M) $ 8.8M Rex-Related Expenses: $ 17.9M $ - $ - $ - $ - Acquisition $ 3.7M $ - $ - $ - $ - Integration $ 2.0M $ - $ - $ - $ - Australian
Slide 17: FY Revenue by Business Unit
FY RESULTS AIR T, INC. FY Revenue by Business Unit (For the Twelve-Month Period Ended 3/31, all $s in Millions) Year Ended March 31 H/(L) FY26 FY25 Mountain Air Cargo, Inc. 101.5 101.7 (0.2) (0%) CSA Air, Inc. 13.9 14.3 (0.3) (2%) Worldwide Aircraft Services, Inc. 11.8 8.9 2.8 32% 1 Royal Aircraft S
Slide 18: Adjusted EBITDA by Business Unit
FY RESULTS AIR T, INC. Adjusted EBITDA by Business Unit (For the Twelve-Month Period Ended 3/31, all $s in Millions) Year Ended March 31 H/(L) FY26 FY25 Mountain Air Cargo, Inc. 4.1 5.3 (1.2) (22%) CSA Air, Inc. 0.8 0.9 (0.0) (6%) Worldwide Aircraft Services, Inc. 2.2 0.6 1.5 251% Royal Aircraft Ser
Slide 19: Contrail Aviation Support: a 10 Year Transformation
CASE STUDY Contrail Aviation Support: a 10 Year Transformation ■ In July 2016, Air T acquired Contrail Aviation 3/31/26 3/31/17 Support, a diversified aircraft / engine trading, leasing, and parts solutions provider. Revenue (for 12-month period ended 3/31) $ 30.9M $ 6.2M ■ Contrail and Air T manage
Slide 20: Distributions Received from Equity Method Investees
DISTRIBUTIONS AIR T, INC. Distributions Received from Equity Method Investees Air T's Major Investees 3/31/26 3/31/25 Air T's Adjusted EBITDA $ 10.1M $ 7.4M Plus: Distributions Received from Investments: Bloomia $ - $ - CCI $ - $ - Aircraft L.P. Interests $ 5.5M $ 4.9M Other Investments $ 1.0M $ 1.5
Slide 21: Commercial Aircraft Engines and Parts
SEGMENT 1 Commercial Aircraft Engines and Parts Twelve-month period ended 3/31 FY26 FY25 Revenue $ 89.9M $ 119.4M Adjusted EBITDA* $ 7.3M $ 9.2M ■ 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 22: Overnight Air Cargo
SEGMENT 2 Overnight Air Cargo Twelve-month period ended 3/31 FY26 FY25 Revenue $ 128.7M $ 124.9M Adjusted EBITDA* $ 6.9M $ 6.8M ■ 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 s
Slide 23: Ground Support Equipment
SEGMENT 3 Ground Support Equipment Twelve-month period ended 3/31 FY26 FY25 Revenue $ 47.2M $ 38.9M Adjusted EBITDA* $ 4.3M $ (0.8M) ■ 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
Slide 24: Digital Solutions
SEGMENT 4 Digital Solutions Twelve-month period ended 3/31 FY26 FY25 Revenue $ 9.1M $ 7.3M Monthly Recurring $ 0.8M $ 0.7M Revenue (MRR) Adjusted EBITDA* $ (0.4M) $ (0.3M) ■ Digital solutions develops and provides digital aviation and other business services to customers within the aviation industry
Slide 25: Regional Airline
SEGMENT 5 Regional Airline Period beginning 12/18/25 and ended 3/31/26 FY26 FY25 Revenue $ 55.3M N/A Adjusted EBITDA* $ 0.0M N/A ■ Acquired in December 2025. ■ Includes Regional Express Holdings Ltd. (REX) and Australian Airline Pilot Academy (AAPA). ■ Regional Airline servicing regional and remote
Slide 26: GAAP Book Value of Non-Operating Assets
OTHER GAAP Book Value of Non-Operating Assets AIR T, Inc. owns the following public and private securities: AIR T, INC. Non-Operating Assets 3/31/26 3/31/25 3/31/24 3/31/23 3/31/22 Bloomia Holdings, Inc. (TULP) Stock1 $ - $ 0.7M $ 2.2M $ 3.8M $ 4.6M CCI Investments (20.1% as of 3/31/26)2 $ 3.6M $ 3.
Slide 27: Aircraft Asset Management
OTHER Aircraft Asset Management As of: 3/31/26 3/31/25 3/31/24 3/31/23 Aircraft Assets Under Management (Net $ 917M $ 577M $ 428M $ 150M of Dispositions) Aircraft Assets Purchased in Year $ 397M $ 632M $ 429M $ 150M ■ We manage assets for ourselves and our investor partners. The asset types include
Slide 28: Consolidated Debt Schedule
CONSOLIDATED DEBT SCHEDULE (in $USD millions) Rate Maturity Type FY26 FY25 FY24 FY23 FY22 AIR T, INC. DIRECT & GUARANTEED Bank Debt Alerus Term Note A SOFR + 2.00% 8/15/2029 Bank 8.3 9.8 - - - Alerus Term Note C SOFR + 2.25% 5/15/2030 Bank 0.9 - - - - Alerus Revolver ($20M capacity as of 9/30/25) SO
Slide 29: Spotlight: AAM 24-1
SPOTLIGHT Spotlight: AAM 24-1 $100M $60M 8.5% $8M Total commitment Drawn as of 3/31 Interest only coupon, semi-annual Collateralized by AIRTP 8% FACILITY GROWTH Feb 2024 Oct 2024 May 2025 March 31, 2026 $15M facility closed Upsized to $30M Upsized to $100M; maturity extended $60M drawn to 5/31/35 PO
Slide 30: Spotlight: Rex Acquisition
SPOTLIGHT Spotlight: Rex Acquisition ACQUISITION PATHWAY REGIONAL AIRLINE SEGMENT 2002 Jul 2024 December 18, 2025 March 31, 2026 $111.2M Founded Voluntary administration Acquired via DOCA Consolidated into Bargain purchase gain Air T FY26 results $55.3M BUSINESS PROFILE DEAL & FINANCIAL IMPACT Stub-
Slide 31: Growth Strategies
GROWTH STRATEGIES ETGTTE A POR|FOLIO OF POWERFUL COMPANIES
Slide 32: 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 33: We plan to 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. 33
Slide 34: We seek to 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. 34
Slide 35: We plan to 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. 35
Slide 36: We plan to 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. 36
Slide 37: 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 38: Q&A with Management
Q&A WITH MANAGEMENT 38
Slide 39: Shareholder Q&A: FedEx network strategy
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 Has FedEx’s network strategy signaled whether they intend to cons
Slide 40: Shareholder Q&A: Normalized Crestone contribution
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 might a “normalized” Crestone contribution to Air T’s consol
Slide 41: Appendix
APPENDIX ETEGANTA A POR|HFOLIO OF POWERFUL COMPANIES
Slide 42: Corporate and Other Subcomponent of Operating Income
Corporate and Other Subcomponent of Operating Income (excluding Equity Method Investments) Twelve-month period ended 3/31 FY26 FY25 Corporate Overhead $ (8.8M) $ (6.0M) Other Subsidiaries1 $ (4.6M) $ (3.5M) Total Corporate and Other $ (13.4M) $ (9.4M) 1 Consists of other consolidated businesses that
Slide 43: Corporate Overhead Detail
Corporate Overhead Detail Twelve-month period ended 3/31 FY26 FY25 Central Purchases1 $ 2.8M $ 2.4M HoldCo Costs2 $ 3.0M $ 2.9M Costs of Being a Publicly Traded Company3 $ 2.6M $ 2.1M Shared Services4 $ 3.8M $ 3.9M M&A Related Costs5 $ 2.8M $ 0.0M Subtotal $ 15.1M $ 11.3M Business Consumption Alloca
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, eng
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
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 48: 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