Slide 1: flyExclusive, Inc. Q1 2026 Earnings Review
flyExclusive, Inc. Q1 2026 Earnings Review May 11, 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: Q1 2026 Highlights
Structurally Q1 2026 Improved Model Growth in flight hours with fewer aircraft HIGHLIGHTS Sustained growth across MRO & fractional categories +14% YoY growth in MRO +760 bps YOY increase in dispatch availability I. EXECUTIVE SUMMARY Adjusted EBITDA Strengthened Inflection Balance Sheet $96 million i
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 flexibility, comfort, and style World-class private aviation company providing a reliable travel experience and exclusive customer benefits Product suite serves range
Slide 5: Industry Tailwinds Driving TAM Growth
INDUSTRY TAILWINDS DRIVING TAM GROWTH flyExclusive well-positioned to benefit and capture market share Private Aviation Industry is expected to reach $67B by 2032. Industry Drivers: Headwinds in Commercial Aviation Landscape shift in Air Travel from Reinstatement of Corporate Private Growing HNW Coh
Slide 6: Company Market Share
COMPANY MARKET SHARE Grown to 5th largest U.S. operator in ten years capturing market share in a fragmented market 2025 Top U.S. Private Jet Operators(1) 2025 Top Operators in North America(2) Rank Company 2025 2024 %Change Market Share Rank Company Departures vs PY Hours vs PY 1 NetJets 719,086 665
Slide 7: Our Scope and Scale
OUR SCOPE AND SCALE Floating fleet model with 100% operational control Operations Overview Headquartered in Kinston, North Carolina Floating fleet of approximately 85 light, mid, and super-mid aircraft Operations centrally located within two flight hours of approximately 100% Operational Con
Slide 8: Our Products and Services
OUR PRODUCTS AND SERVICES Multi-product approach to meet and serve varying client needs and preferences Contractually Committed Demand Wholesale JetClub Fractional Partnership • Most flexible offerings suited for • Subscription-based model with • Customer owns share of aircraft • 25-95% ownership of
Slide 9: Charter Revenue Mix
CHARTER REVENUE MIX Evolution to diversified mix and recurring committed revenue 2020 2021 2022 2023 2024 2025 Long-Term Goal 5% 8% 7% 8% 5% 9% 6% 4% 2% 8% 20% 18% 30% 24% 29% 26% 10% 91% 73% 68% 61% 63% 52% 32% 40% Wholesale JetClub Partner Fractional Contractually Committed & Recurring Demand 9% 2
Slide 10: Vertical Integration - MRO
VERTICAL INTEGRATION - MRO Maintenance & Repair (MRO) Continued Investment in State-of-the-Art Facilities and Capabilities Fly Exclusive MRO Part 145 Repair Station – 180+ technicians 104,000 sq ft Six dedicated hangars incorporating electrostatic paint facility facility – accommodating aircraft
Slide 11: Q1 2026 Performance
Q1 2026 PERFORMANCE I. EXECUTIVE SUMMARY 11
Slide 12: Q1 2026 Performance at a Glance
Q1 2026 (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 +9% +69% +9% in flight revenue $96.3 +5% in fractional revenue $88.1 $19.1 +14% in MRO revenue $11.3 2
Slide 13: Q1 2026 Performance at a Glance
Q1 2026 (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) $6.6M improvement in Adjusted $4.5 EBITDA compared to Q1 2025 $0.2 +740 basis point improvement in $(1.0) Adjusted EBITD
Slide 14: Quarterly Performance at a Glance
QUARTERLY PERFORMANCE AT A GLANCE Sequential quarterly improvement in Adjusted EBITDA (in millions) $0.2 $(6.4) $(19.4) 1Q24 1Q25 1Q26 (1) Consolidated results of flyExclusive, Inc. for the three-month period ending March 31, 2026. (2) Adjusted EBITDA, Adjusted EBITDA %, and Adjusted EBITDAR are non
Slide 15: Profitable Growth Roadmap
PROFITABLE GROWTH ROADMAP Fleet Refresh and Continually Improving Operating Efficiencies leading to top- and bottom-line gains ACQUISITION OPPORTUNITIES 12%+ COST REDUCTION INITIATIVES 3.0 – 4.0% IMPROVED EFFICIENCY 2.0 – 3.0% GROWTH INITIATIVES 3.0 – 6.0% Adj. EBITDA 3.0 – margin over 4.0% time 0%
Slide 16: Fleet Refresh Execution
FLEET REFRESH EXECUTION... Eliminated 31 non-performing aircraft Non-Performing Aircraft 40 37 35 3 non-performing aircraft disposed 30 during Q1 2026 25 Operating loss reduced to <$300K per 20 month from over $3M monthly at 15 beginning of 2024 10 6 Continued progress towards fully 5 eliminating by
Slide 17: Operational Efficiency Gains
OPERATIONAL EFFICIENCY GAINS Fleet Refresh and operational improvements resulting in improved utilization and more efficient fleet Dispatch Availability +760 bps +15% improvement in availability across the fleet 13 MSU trucks deployed in strategic geographic regions with planned expansion 57.2% to 3
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) (7%) +7% +15% 7% reduction in fleet size 75 18,537 +7% increase in flight hours 65 86 +15% increase in 80 17,
Slide 19: Q1 2026 Performance at a Glance
Q1 2026 (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 (25 bps) +7% +9% 93 $481,749 24% 24% 87 $440,627 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 (1) Consolidated results of flyExclusive, Inc. for the three-month pe
Slide 20: Q1 2026 Performance at a Glance
Q1 2026 (1) PERFORMANCE AT A GLANCE Retail Customer and Sales Performance Retail Members (2) Retail Sales – Jet Club Retail Sales - Fractional +1% (11%) +27% $29 $14 1,023 1,039 $26 $11 1Q25 1Q26 1Q25 1Q26 1Q25 1Q26 (1) Consolidated results of flyExclusive, Inc. for the three-month period ending Mar
Slide 21: Appendix
APPENDIX I. EXECUTIVE SUMMARY 21
Slide 22: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION EBITDA, Adjusted EBITDA, and Adjusted EBITDAR (1)(2) Thre e Months Ende d March 31, 2026 2025 Net loss $ (13,372) $ (23,047) Add (deduct): Interest income (176) (703) Interest expense 5,289 5,388 Income tax expense/benefit 3 — Depreciation and amortization 5,184 6,251 Litigat
Slide 23: Don't
‘5. Don't | Ay ta i flyexclusive We U7 flyexc usive