Slide 1: Q4 & Full Year 2025 Earnings Review
flyExclusive, Inc. Q4 & Full Year 2025 Earnings Review March 5, 2026 1
Slide 2: Disclaimers & Other Important Information
DISCLAIMERS & OTHER IMPORTANT INFORMATION FORWARD-LOOKING INFORMATION. This Presentation contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to flyExclusive the products and services offered by flyExclusive and the markets in which it opera
Slide 3: Q4 2025 Highlights
Record Revenue Q4 2025 Growth $104 million in consolidated revenue HIGHLIGHTS +15% YoY revenue growth Double digit growth across Jet Club, MRO, & Fractional categories +56% YoY growth in fractional sales +48% YoY growth in MRO I. EXECUTIVE SUMMARY Robust Efficiency Strengthened Gains & Profitability
Slide 4: Who We Are
WHO WE ARE Trusted partner in private jet travel, providing our clients with curated jet experiences that anticipate their needs for comfort and style World-class private aviation company providing a reliable travel experience and exclusive customer benefits Product suite serves range of client need
Slide 5: Q4 2025 Performance
Q4 2025 PERFORMANCE I. EXECUTIVE SUMMARY 5
Slide 6: Q4 2025 Performance at a Glance
Q4 2025 (1) PERFORMANCE AT A GLANCE Fleet Refresh and Continually Improving Operating Efficiencies leading to top- and bottom-line records Revenue Gross Profit & Margin Charter Fractional Sales MRO +14% +14% +13% in flight revenue $104.5 $91.4 +21% in fractional revenue $16.4 $18.6 +65% in MRO reven
Slide 7: Q4 2025 Performance at a Glance
Q4 2025 (1) PERFORMANCE AT A GLANCE Fleet Refresh and Continually Improving Operating Efficiencies leading to top- and bottom-line records Adjusted EBITDA (2) Adjusted EBITDAR (2) +1478 basis point improvement in $10.9 Adjusted EBITDA margin $6.6 12% YoY reduction in SG&A expense due to savings in 3
Slide 8: Quarterly Performance at a Glance
QUARTERLY PERFORMANCE AT A GLANCE Sequential quarterly improvement in Adjusted EBITDA (in millions) $6.6 $(1.9) $(6.4) $(5.2) $(7.8) $(13.0) $(16.0) $(19.4) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 (1) Consolidated results of flyExclusive, Inc. for the three- and twelve-month periods ending December
Slide 9: Fleet Refresh Execution...
FLEET REFRESH EXECUTION... Eliminated 28 non-performing aircraft Non-Performing Aircraft Encore X SOV GIV 37 Two non-performing aircraft disposed during Q4 Operating loss reduced to >$400K per month from over $3M monthly at beginning of 2024 9 Continued progress towards fully eliminating by 2026 1Q2
Slide 10: Operational Efficiency Gains
OPERATIONAL EFFICIENCY GAINS Fleet Refresh resulting in improved utilization and more efficient fleet Dispatch Availability +720 bps +15% improvement in availability across the fleet Deployment of 10 MSU trucks in Q4 in strategic geographic regions 56.6% 49.4% Each 1% improvement results in +$210K m
Slide 11: …Leads to Improved Utilization
…LEADS TO IMPROVED UTILIZATION Fleet Refresh resulting in improved utilization and more efficient fleet Aircraft Generating Revenue Flight Hours Core CoreFleet FleetA/C A/CUtility Utility(2) 14% reduction in fleet size (14%) +13% +23% 80 +23% increase in 20,339 aircraft utilization on 65 core fleet
Slide 12: Q4 2025 Performance at a Glance
Q4 2025 (1) PERFORMANCE AT A GLANCE Improved SG&A operational leverage SG&A % of Revenue (2) Flight Hours per SG&A Headcount Revenue per SG&A Headcount (616 bps) +16% +19% $520,102 27% 101 21% 87 $441,383 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 (1) Consolidated results of flyExclusive, Inc. for the three- and
Slide 13: Q4 2025 Performance at a Glance
Q4 2025 (1) PERFORMANCE AT A GLANCE Retail Customer and Sales Performance Retail Members (2) Retail Sales – Jet Club Retail Sales - Fractional +8% (39%) +3% $61 $23 $24 1,069 994 $38 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 (1) Consolidated results of flyExclusive, Inc. for the three- and twelve-month periods
Slide 14: YTD 2025 Performance
YTD 2025 PERFORMANCE I. EXECUTIVE SUMMARY 14
Slide 15: YTD 2025 Performance at a Glance
YTD 2025 (1) PERFORMANCE AT A GLANCE Fleet Refresh and Continually Improving Operating Efficiencies leading to top- and bottom-line gains Revenue Gross Profit & Margin Charter Fractional Sales MRO +15% +52% +13% in flight revenue $375.9 15% +56% in fractional revenue $327.3 +48% in MRO revenue 11% $
Slide 16: YTD 2025 Performance at a Glance
YTD 2025 (1) PERFORMANCE AT A GLANCE Fleet Refresh and Continually Improving Operating Efficiencies leading to top- and bottom-line gains Adjusted EBITDA (2) Adjusted EBITDAR (2) $12.4 $(7.0) +1531 basis point improvement in -2% Adjusted EBITDA margin $(56.3) 10% reduction in SG&A expense $(36.4) re
Slide 17: Operational Efficiency Gains
OPERATIONAL EFFICIENCY GAINS Fleet Refresh resulting in improved utilization and more efficient fleet Dispatch Availability +480 bps +10% improvement in availability across the fleet Deployment of 10 MSU trucks in Q4 in strategic geographic regions – Full Year impact in 2026 50.8% 46.0% Each 1% impr
Slide 18: …Leads to Improved Utilization
…LEADS TO IMPROVED UTILIZATION Fleet Refresh resulting in improved utilization and more efficient fleet Aircraft Generating Revenue Flight Hours Core CoreFleet FleetA/C A/CUtility Utility(2) 19% reduction in fleet size (19%) +12% +8% 73 +8% increase in aircraft utilization on core fleet due to a mor
Slide 19: YTD 2025 Performance at a Glance
YTD 2025 (1) PERFORMANCE AT A GLANCE Improved SG&A operational leverage SG&A % of Revenue (2) Flight Hours per SG&A Headcount Revenue per SG&A Headcount (595 bps) +24% +28% 28% 378 $1,904,451 22% $1,493,267 305 YTD24 YTD25 YTD24 YTD25 YTD24 YTD25 (1) Consolidated results of flyExclusive, Inc. for th
Slide 20: YTD 2025 Performance at a Glance
YTD 2025 (1) PERFORMANCE AT A GLANCE Retail Customer and Sales Performance (in millions) Retail Members (2) Retail Sales – Jet Club Retail Sales - Fractional +9% (8)% +35% 1,304 $136 $60 1,195 $125 $44 YTD24 YTD25 YTD24 YTD25 YTD24 YTD25 (1) Consolidated results of flyExclusive, Inc. for the three-
Slide 21: Strengthened Balance Sheet
STRENGTHENED BALANCE SHEET Aggressive de-leveraging of the balance sheet while maintaining liquidity (in millions) Long-Term Notes Payable (2) Cash (36)% $84 million reduction in long-term notes payable during 2025 while +2% improvement in Cash year over year $232.5 $28.7 $29.3 $148.9 4Q24 4Q25 4Q24
Slide 22: Appendix
APPENDIX I. EXECUTIVE SUMMARY 22
Slide 23: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION EBITDA, Adjusted EBITDA, and Adjusted EBITDAR (1)(2) Twe lve Months Ende d De ce mbe r 31, Thre e Months Ende d De ce mbe r 31, 2025 2024 2025 2024 Net loss $ (67,114) $ (101,495) $ (6,916) $ (16,515) Add (deduct): Interest income (1,371) (4,313) (276) (894) Interest expense
Slide 24: Don't |
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