Slide 1: flyExclusive, Inc. Q3 2025 Earnings Review
flyExclusive, Inc. Q3 2025 Earnings Review November 12, 2025 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: Q3 2025 Highlights
Strong Growth & Q3 2025 Broad Execution $92 million in consolidated revenue HIGHLIGHTS +20% YoY revenue growth Double digit growth across Jet Club, MRO, & Fractional categories +84% growth in fractional sales I. EXECUTIVE SUMMARY Robust Efficiency Improved Gains Profitability Continued execution on
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: Q3 2025 Performance
Q3 2025 PERFORMANCE I. EXECUTIVE SUMMARY 5
Slide 6: Q3 2025 Performance at a Glance
Q3 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 +20% +45% +17% in flight revenue $92.1 14% $76.9 +84% in fractional revenue 11% +103% in MRO revenue $12
Slide 7: Q3 2025 Performance at a Glance: Adjusted EBITDA
Q3 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) $2.8 $(1.9) -2% +1480 basis point improvement in Adjusted EBITDA margin $(13.0) $(8.3) 4% YoY reduction in SG&A expense du
Slide 8: Fleet Refresh Execution...
FLEET REFRESH EXECUTION... Eliminated 26 non-performing aircraft over the past 12 months Non-Performing Aircraft Encore X SOV GIV Two non-performing aircraft disposed 37 during Q3 Operating loss reduced to >$500K per month from over $3M monthly at beginning of 2024 11 Continued progress towards mid-
Slide 9: ...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) 20% reduction in fleet size (20%) +15% +12% +12% increase in 71 aircraft utilization on 18,303 core fleet due
Slide 10: Q3 2025 Performance at a Glance: SG&A Leverage
Q3 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 (482 bps) +14% +19% $472,471 26% 92 21% 81 $396,508 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 (1) Consolidated results of flyExclusive, Inc. for the three- and
Slide 11: Q3 2025 Retail Customer and Sales Performance
Q3 2025 (1) PERFORMANCE AT A GLANCE Retail Customer and Sales Performance Retail Members (2) Retail Sales – Jet Club Retail Sales - Fractional +51% +4% +91% 1,162 $13.2 $30.1 $31.2 776 $6.9 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 (1) Consolidated results of flyExclusive, Inc. for the three- and nine-month per
Slide 12: YTD 2025 Performance
YTD 2025 PERFORMANCE I. EXECUTIVE SUMMARY 12
Slide 13: 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% +82% +13% in flight revenue $271.6 14% +87% in fractional revenue $235.9 +47% in MRO revenue 9% $3
Slide 14: YTD 2025 Performance at a Glance: Adjusted EBITDA
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) $1.5 $(13.5) +1550 basis point improvement in -5% Adjusted EBITDA margin $(48.4) 9% reduction in SG&A expense resulting i
Slide 15: ...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) 22% reduction in fleet size (22%) +11% +10% +10% increase in 70 aircraft utilization on core fleet due to a 6
Slide 16: YTD 2025 Performance at a Glance: SG&A Leverage
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 (587 bps) +26% +31% 28% 270 $1,383,304 22% 215 $1,056,830 YTD24 YTD25 YTD24 YTD25 YTD24 YTD25 (1) Consolidated results of flyExclusive, Inc. for th
Slide 17: YTD 2025 Retail Customer and Sales Performance
YTD 2025 (1) PERFORMANCE AT A GLANCE Retail Customer and Sales Performance Retail Members (2) Retail Sales – Jet Club Retail Sales - Fractional +16% +17% +68% 1,168 $86.6 $35.4 1,005 $74.2 $21.1 YTD24 YTD25 YTD24 YTD25 YTD24 YTD25 (1) Consolidated results of flyExclusive, Inc. for the three- and nin
Slide 18: Appendix
APPENDIX I. EXECUTIVE SUMMARY 18
Slide 19: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION EBITDA, Adjusted EBITDA, and Adjusted EBITDAR (1)(2) Nine Months Ende d Se pte mbe r 30, Thre e Months Ende d Se pte mbe r 30, 2025 2024 2025 2024 Net loss $ (60,198) $ (84,980) $ (21,022) $ (24,136) Add (deduct): Interest income (1,095) (3,419) (156) (979) Interest expense 1
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