Air T, Inc. · NASDAQ:AIRT
Air T — FY2026 Earnings Presentation
48 slides from Air T's earnings presentation, Jun 29, 2026
Slide 1: FY26 Q4 Update: A Portfolio of Powerful Companies
NASDAQ: AIRT FY26 Q4 Update A PORTFOLIO OF POWERFUL COMPANIES As of March 31, 2026
Slide 2: Forward-looking statements
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. 2. Quarterly News and Financial Updates 3. Our Growth Strategies 4. Appendix - Risk Factors 3 CONTENTS
Slide 4: FY26 Revenue and Adjusted EBITDA overview
$327.1M 4 FY26 Revenue $10.1M FY26 Adj. EBITDA* 5 CORE SEGMENTS 20 COMPANIES 1,600+ EMPLOYEES OVERNIGHT AIR CARGO COMMERCIAL AIRCRAFT ENGINES AND PARTS *See Adjusted EBITDA reconciliation on slide 16 DIGITAL SOLUTIONS GROUND SUPPORT EQUIPMENT REGIONAL AIRLINE
Slide 5: About AIR T, INC.
ABOUT AIR T, INC. EUGATTA A PORTFOLIO OF POWERFUL COMPANIES
Slide 6: Established 40+ years and growing
We are an industrious American company established 40+ years and growing. 6 ■ Our businesses have a history of growth and cash flow generation. ■ We seek to identify and empower individuals and teams who will operate businesses well, increasing value over time. ■ We work to activate growth and overc
Slide 7: Investor-Operator Partnership
“Investor-Operator Partnership” is designed to drive short and long-term value creation. 7 “We want our businesses to be managed by dynamic individuals within high-performance teams. We are set up to make space for dynamos and support their enterprises. The holding company team seeks to focus resour
Slide 8: Portfolio of Companies
8 Portfolio of Companies 1 As of 4/1/26, Air T owns 100% of Contrail (see Subsequent Events footnote in 10-K) 2 Following closing of Arena acquisition in June 2026, Air T will own ~83.9% of new combined Crestone entity 3 As of 3/31/26 Company Name Ownership % Acquisition Year (Calendar) SEC Filing S
Slide 9: Our Twelve Year Journey
Our Twelve Year Journey 9 1 Defined as A/R + Inventory – A/P 3/31/26 3/31/14 Businesses 20 3 Revenue (for 12-month period ended 3/31) 327.1M$ 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 5
Slide 10: Acquisition Timeline (2016-2026)
10 Acquisition Timeline (2016-2026) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Contrail Aviation CAEAP Jet Yard CAEAP Wolfe Lake CRE Corporate Royal Aircraft Overnight Air Cargo AirCo, AirCo Services CAEAP Ambry Hill Tech Digital Solutions Air'Zona CAEAP World ACD Digital Solutions LGSS
Slide 11: Organic vs. Acquisition Revenue Growth (FY22 to FY26)
Organic vs. Acquisition Revenue Growth (FY22 → FY26) Total Revenue Organic Acquisition $150.0M Total Growth $77.9M Organic $72.1M Acquisition 11
Slide 12: Organic vs. Acquisition Adj. EBITDA Growth (FY22 to FY26)
Organic vs. Acquisition Adj. EBITDA Growth (FY22 → FY26) $7.8M Total Growth $6.3M Organic $1.5M Acquisition 12 Total Revenue Organic Acquisition 1 In FY22, Adjusted EBITDA was reduced by one-time ERC credit of $9.1M
Slide 13: Recent News: Acquisition of Arena
13 RECENT NEWS 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 asset management platform, has completed its acquisition of Arena Aviation Capital - a well-established aviation asset manager w
Slide 14: Crestone Acquisition of Arena Aviation Capital
Crestone Acquisition of Arena Aviation Capital COMMERCIAL AIRCRAFT ENGINES & PARTS Arena is a well-established aviation asset manager with a diversified portfolio and deep airline relationships, materially expanding Crestone's global aviation leasing platform. BACKGROUND ▪ Prior to the closing, Air
Slide 15: FY Financial Highlights
AIR T, INC. FY Financial Highlights (For the Twelve-Month Period Ended 3/31) 15 FY RESULTS 1 Adjusted EBITDA includes addition of share-based compensation and severance expense adjustments to enhance comparability with current year’s presentation. 2 See Adjusted EBITDA reconciliation on slide 16 3 I
Slide 16: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation 16 FY RESULTS (For the Twelve-Month Period Ended 3/31) 1 Includes the addition of share-based compensation, severance expense and deal-sourcing expense adjustments to enhance comparability with current year’s presentation. 2 One-time transaction-based tax imposed by Au
Slide 17: FY Revenue by Business Unit
AIR T, INC. FY Revenue by Business Unit (For the Twelve-Month Period Ended 3/31, all $s in Millions) 17 FY RESULTS 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% Royal Aircraft Services, LLC1 1.5 New NM
Slide 18: Adjusted EBITDA by Business Unit
AIR T, INC. Adjusted EBITDA by Business Unit (For the Twelve-Month Period Ended 3/31, all $s in Millions) 18 FY RESULTS FY26 FY25 Mountain Air Cargo, Inc. 4.1 5.3 (1.2) (22%) CSA Air, Inc. 0.8 0.9 (0.0) (6%) Worldwide Aircraft Services, Inc. 2.2 0.6 1.5 251% Royal Aircraft Services, LLC1 (0.2) New N
Slide 19: Contrail Aviation Support: a Year Transformation
Contrail Aviation Support: a 10 Year Transformation 19 1 Defined as A/R + Inventory – A/P CASE STUDY ■ In July 2016, Air T acquired Contrail Aviation Support, a diversified aircraft / engine trading, leasing, and parts solutions provider. ■ Contrail and Air T management undertook a two-pronged growt
Slide 20: Distributions Received from Equity Method Investees
20 AIR T, INC. Distributions Received from Equity Method Investees Air T's Major Investees 3/31/26 3/31/25 Air T's Adjusted EBITDA 10.1M$ 7.4M$ Plus: Distributions Received from Investments: Bloomia -$ -$ CCI -$ -$ Aircraft L.P. Interests 5.5M$ 4.9M$ Other Investments 1.0M$ 1.5M$ Total 16.6M$ 13.7M$
Slide 21: Commercial Aircraft Engines and Parts Segment
Commercial Aircraft Engines and Parts 21 SEGMENT 1 ■ 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). ■ Companies in this segment include Contrail, AirCo, AirCo Services, Worthington, Jet Yard, A
Slide 22: Overnight Air Cargo Segment
Overnight Air Cargo 22 SEGMENT 2 ■ 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 1982 and 1983. ■ Air T added recently acquired Royal Aviation Services (RAS) to this segme
Slide 23: Ground Support Equipment Segment
Ground Support Equipment 23 SEGMENT 3 ■ 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 efficient light manufacturing facility. ■ The segment is comprised of Global Ground Support LLC
Slide 24: Digital Solutions Segment
Digital Solutions 24 SEGMENT 4 ■ Digital solutions develops and provides digital aviation and other business services to customers within the aviation industry to generate recurring subscription revenues. Digital solutions has historically been reported as part of the central corporate function refe
Slide 25: Regional Airline Segment
Regional Airline 25 SEGMENT 5 ■ Acquired in December 2025. ■ Includes Regional Express Holdings Ltd. (REX) and Australian Airline Pilot Academy (AAPA). ■ Regional Airline servicing regional and remote communities in Australia. ■ Owner and operator of the largest SAAB 340 fleet in the world. ■ Signif
Slide 26: GAAP Book Value of Non-Operating Assets
GAAP Book Value of Non-Operating Assets 26 AIR T, Inc. owns the following public and private securities: OTHER 1 Formerly known as Lendway Inc. and Insignia Systems, Inc. (ISIG); Air T owned 486,819 shares of Bloomia (TULP), representing 28% of outstanding shares, which had a market value of $1.9M a
Slide 27: Aircraft Asset Management
Aircraft Asset Management 27 ■ We manage assets for ourselves and our investor partners. The asset types include leased aircraft, consignments, and teardowns. ■ Our Aircraft JVs consist of the aircraft portfolio managed by Crestone Asset Management, LLC, as well as additional assets from other strat
Slide 28: Consolidated Debt Schedule
28 CONSOLIDATED DEBT SCHEDULE 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 $2.0 million. • The revolver and term notes with MB&T were fully paid o
Slide 29: Spotlight: AAM 24-1
29 Spotlight: AAM 24-1 SPOTLIGHT $100M Total commitment $60M Drawn as of 3/31 8.5% Interest only coupon, semi-annual $8M Collateralized by AIRTP 8% Feb 2024 $15M facility closed Oct 2024 Upsized to $30M May 2025 Upsized to $100M; maturity extended to 5/31/35 March 31, 2026 $60M drawn PORTFOLIO STRUC
Slide 30: Spotlight: Rex Acquisition
30 Spotlight: Rex Acquisition SPOTLIGHT REGIONAL AIRLINE SEGMENT $111.2M Bargain purchase gain $55.3M Stub-period revenue $10K Stub-period adjusted EBITDA 2002 Founded Jul 2024 Voluntary administration December 18, 2025 Acquired via DOCA March 31, 2026 Consolidated into Air T FY26 results BUSINESS P
Slide 31: Growth Strategies
GROWTH STRATEGIES EUGATTA A PORTFOLIO OF POWERFUL COMPANIES
Slide 32: Our four growth strategies
GROWTH STRATEGIES Our four growth strategies are... 32 ■ 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 ca
Slide 33: Reinvest in high-performing businesses
GROWTH STRATEGY 1 We plan to reinvest in projects at our high-performing businesses by... 33 ■ Purchasing commercial aircraft for trading, leasing and part-out. ■ Purchasing engine parts inventory. ■ Funding deicer builds for Global Ground Support.
Slide 34: Acquire new cash-flow generating businesses
GROWTH STRATEGY 2 We seek to acquire new cash-flow generating businesses by... 34 ■ Identifying and acquiring high- performing businesses, which either complement our current portfolio or diversify into industries beyond aviation.
Slide 35: Identify marketable securities or alternative assets
GROWTH STRATEGY 3 We plan to identify great marketable securities or alternative assets by... 35 ■ 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.
Slide 36: Create unique investment products with outside capital partners
GROWTH STRATEGY 4 We plan to create unique investment products with outside capital partners by... 36 ■ Offering thoughtful and sustainable products with attractive return profiles ■ Attracting and retaining sophisticated investment professionals and creating space for talented asset managers.
Slide 37: Theoretical Toy Model: Public Company versus Private Equity Fund
Theoretical Toy Model Public Company versus Private Equity Fund 37 TOY MODEL ASSUMPTIONS Annual Return on Investment 5% Taxes Paid by PE Fund @ 7-year Intervals 30% Year Public Company $1 Private Equity Fund $1 Taxes Paid 0 $1.00 $1.00 $0.00 7 $1.34 $1.24 $0.10 14 $1.89 $1.59 $0.15 21 $2.65 $2.04 $0
Slide 38: Q&A with Management
38 Q&A WITH MANAGEMENT
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 39 Has FedEx’s network strategy signaled whether they intend to c
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 40 What might a “normalized” Crestone contribution to Air T’s con
Slide 41: Appendix
APPENDIX EVSSANTY A PORGIFOLIO OF POWERFUL COMPANIES
Slide 42: Corporate and Other
42 1 Consists of other consolidated businesses that are insignificant and do not fit cleanly into the Commercial Aircraft Engines and Parts, Overnight Air Cargo, Ground Support Equipment, Digital Solutions or Regional Airline segments. Corporate and Other Subcomponent of Operating Income (excluding
Slide 43: Corporate Overhead Detail
43 Corporate Overhead Detail 1 Enterprise wide procurement of software, insurance, and services on behalf of subsidiaries to achieve economies of scale and better pricing. 2 Direct holding company operating expenses not attributable to operating subsidiaries. 3 External audit, financial reporting, e
Slide 44: Summary Risk Factors
SUMMARY RISK FACTORS 44 For more detail and explanation, please see the Company’s public filings including its Form S-3 and prospectus supplements filed with the SEC. The purchase of securities of Air T, Inc., the “Company,” is highly speculative and involves a very high degree of risk. An investmen
Slide 45: Risks Related to Our Segment Operations
Risks Related to Our Segment Operations ● The operating results of our segments may fluctuate, particularly our commercial aircraft, engines and parts segment. ● Our overnight air cargo segment is dependent on a significant customer. ● Our dry-lease agreements with FedEx subject us to operating risk
Slide 46: Risks Related to Our Segment Operations (continued)
Risks Related to Our Segment Operations (continued) ● Our lessees may fail to adequately insure our aircraft or engines which could subject us to additional costs. ● If our lessees fail to cooperate in returning our aircraft or engines following lease terminations, we may encounter obstacles and are
Slide 47: Risks Related to Our Structure and Financing/Liquidity Risks
Risks Related to Our Structure and Financing/Liquidity Risks (continued) ● Our current financing arrangements require compliance with financial and other covenants and a failure to comply with such covenants could adversely affect our ability to operate. ● Future acquisitions and dispositions of bus
Slide 48: Risks Related to Rex
Risks Related to Rex ● We may not be able to successfully integrate Rex into our operations, including our financial reporting processes, which could adversely affect our business, results of operations, and financial condition. ● Rex operates in a highly regulated industry, and failure to comply wi