Air T, Inc. · NASDAQ:AIRT
Air T — Q1 2026 Earnings Presentation
48 slides from Air T's earnings presentation, Jun 30, 2025
Slide 1: A Portfolio of Powerful Companies: FY26 Q1 Update
As of June 30, 2025 A PORTFOLIO OF POWERFUL COMPANIES FY26 Q1 Update NASDAQ: AIRT
Slide 2: Safe Harbor
Statements in this document, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties. Actual results may differ materially from those e
Slide 3: Executive Summary: Who We Are
WHO WE ARE ■ AIR T, INC. (NASDAQ: AIRT) is an industrious American company focusing on growing intrinsic value per share at a high rate. EXECUTIVE ■ Founded in 1980, our businesses have a history of growth and cash flow generation. ■ Current management has been in place since 2013. ■ The two largest
Slide 4: Contents
1. About AIR T, INC. CONTENTS 2. Performance 3. Our Growth Strategies 4. Appendix - Risk Factors 4
Slide 5: About Air T, Inc.
ABOUT AIR T, INC. EMUATTA A PORTFOLIO 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: Flywheel
Identify good ideas Build a brand and industrious Match with network capital partners FLYWHEEL Generate Secure and extremely empower attractive returns dynamic on capital management 88
Slide 9: FY25 Revenue and Adjusted EBITDA; Core Segments
$292M $7.4M 4 16 646 FY25 Revenue FY25 Adj. EBITDA* CORE SEGMENTS COMPANIES EMPLOYEES COMMERCIAL AIRCRAFT DIGITAL SOLUTIONS ENGINES AND PARTS GROUND SUPPORT OVERNIGHT AIR CARGO EQUIPMENT *See Adjusted EBITDA reconciliation on slide 38 9
Slide 10: Air T, Inc. FY Financial Highlights
FY Results AIR T, INC. FY Financial Highlights (For the Twelve-Month Period Ended 3/31) FY25 FY24 FY23 FY22 FY21 Revenue $291.9M $286.8M $247.3M $177.1M $175.1M Operating $1.9M $1.3M ($4.4M) $8.8M ($9.2M) Income Adjusted $7.4M $6.2M1 $6.0M $11.4M ($1.3M) EBITDA* *See Adjusted EBITDA reconciliation o
Slide 11: Air T, Inc. FY Q1 Financial Highlights
FYQ1 Results AIR T, INC. FY Financial Highlights (For the Three-Month Period Ended 6/30) FY26 FY25 FY24 FY23 FY22 Revenue $70.9M $66.4M $71.4M $50.8M $37.0M Operating $0.4M ($0.6M) $0.7M $0.8M ($0.0M) Income Adjusted $1.5M $0.9M $1.4M $1.5M $0.3M EBITDA* *See Adjusted EBITDA reconciliation on slide
Slide 12: Overnight Air Cargo
SEGMENT 2 Overnight Air Cargo Three-Month Period FY26 FY25 Ended 06/30 Revenue $30.6M $30.4M Adjusted EBITDA* $1.6M $1.9M ■ 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 1
Slide 13: Ground Support Equipment
SEGMENT 3 Ground Support Equipment Three-Month Period FY26 FY25 Ended 06/30 Revenue $15.1M $7.4M Adjusted EBITDA* $1.4M ($0.5M) ■ 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 effic
Slide 14: Commercial Aircraft Engines and Parts
SEGMENT 1 Commercial Aircraft Engines and Parts Three-Month Period FY26 FY25 Ended 06/30 Revenue $22.0M $26.3M Adjusted EBITDA* $0.8M $1.7M ■ 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). ■ Co
Slide 15: Digital Solutions
SEGMENT 4 Digital Solutions Three-Month Period FY26 FY25 Ended 06/30 Revenue $2.1M $1.7M Adjusted EBITDA* ($0.1M) ($0.3M) ■ Digital solutions develops and provides digital aviation and other business services to customers within the aviation industry to generate recurring subscription revenues. Digi
Slide 16: Corporate and Other Subcomponent of Operating Income
Corporate and Other Subcomponent of Operating Income (excluding Equity Method Investments) Three-Month Period Ended FY26 FY25 6/30 Corporate Overhead ($1.8M) ($1.8M) Other subsidiaries1 ($0.7M) ($0.5M) Total Corporate and Other ($2.7M) ($2.3M) 1 Consists of other consolidated businesses that are ins
Slide 17: Corporate Overhead Detail
Corporate Overhead Detail Three-Month Period Ended FY26 FY25 6/30 Salaries & benefits ($1.4M) ($1.6M) Audit, tax, legal and ($0.7M) ($0.6M) professional fees Health insurance1 ($0.2M) ($0.2M) Other expenses2 ($0.8M) ($0.7M) Subtotal ($3.1M) ($3.1M) Corporate allocations3 $1.3M $1.3M Total Corporate
Slide 18: Investing For Growth
Investing For Growth Investment manager focused on unearthing fundamentally attractive small and mid-cap opportunities. Allows us to further expand upon our idea generation capabilities to identify, analyze, develop and execute innovative investment strategies that are aimed at building better finan
Slide 19: Aircraft JVs
Aircraft JVs As of 6/30/25 3/31/25 3/31/24 3/31/23 Aircraft JV Assets Under Management $594M $577M $428M $150M (net of dispositions) Aircraft JV Assets $653M $632M $429M $150M Purchased ■ We manage assets for ourselves and our investor partners. The asset types include leased aircraft, consignments,
Slide 20: BCCM Advisors
BCCM Advisors As of 6/30/25 3/31/25 3/31/24 3/31/23 BCCM Assets Under $33M $26M $37M $33M Management ■ Air T‘s wholly-owned management company, BCCM Advisors, is the manager of a fund focused on growth “at-a- reasonable-price” US Equities, BCCM also conducts ongoing research into new fund approaches
Slide 21: News: Royal Aircraft Services; Alerus Credit Agreement
Royal Aircraft Services ■ On May 15, 2025, Mountain Air Cargo, Inc. (“MAC”), a wholly-owned subsidiary of Air T, Inc., completed the acquisition of Royal Aircraft Services ("Royal"), a privately held aircraft maintenance and repair company based in Hagerstown, Maryland. The assets and liabilities of
Slide 22: News: AAM 24-1
AAM 24-1 ■ On May 30, 2025, the Company, along with AAM 24-1 (the "Issuer"), entered into new transaction documents with the Institutional Investors that replaced the Second Note Purchase Agreement transaction documents. Pursuant to the Third NPA with the Institutional Investors, the Issuer agreed t
Slide 23: News: CASP Airbus Sale
CASP Airbus Sale ■ On July 15, 2025, CASP, a 95% owned subsidiary of Contrail, completed the sale of two Airbus aircraft, including associated engines, for over $18.0 million. The purchaser was FTAI Aircraft Leasing Ireland (2025) DAC. Concurrently, CASP entered into assignment, NEWS assumption, and
Slide 24: Over the last eleven years, revenue has increased 244% and is more diversified
FINANCIAL HIGHLIGHTS Over the last eleven years, revenue has increased 244% and is more diversified. REVENUE $288M* 3% Digital Solutions 41% Commercial Aircraft & Engines +244% Overnight Air Cargo Ground Support $84M 43% Equipment 62% 13% 38% FY14 FY25 *Excludes revenue in FY25 earned outside of our
Slide 25: Non-Operating Assets
OTHER Non-Operating Assets AIR T, Inc. owns the following public and private securities: AIR T, INC. Non-Operating Assets (in millions) 6/30/25 3/31/25 3/31/24 3/31/23 3/31/22 Lendway, Inc. (LDWY) Stock – 0.5M Shares1 $0.9 $0.7 $2.2 $3.8 $4.6 CCI Investment (20.1% as of 03/31/25)2 $3.9 $3.9 $3.7 $3.
Slide 26: YTD FY26 Dividends Received from Equity Method Investees
DISTRIBUTIONS AIR T, INC. YTD FY26 Dividends Received from Equity Method Investees (For the Three-Month Period Ended 6/30) Equity Method Investment (in millions) FY26 FY25 Lendway $0.0 $0.0 CCI $0.0 $0.0 CAM $0.8 $1.6 Other $0.3 $0.9 Total $1.1 $2.5 26
Slide 27: Capitalization Table
CAPITALIZATION TABLE 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 $1.6 million. 1The revolver and term notes with MBT were fully paid off with the
Slide 28: Calibrated Investments & Capitalization Structure
STRUCTURE Calibrated Investments & Capitalization Structure Tailored, Limited, Convex Exposures • Convexity-promoting organizational design • Kelly-calibrated investments: sized to edge & bankroll • Limit downside: tailored exposures Risk Management: Downside Protection • Anti-fragile company • Isla
Slide 29: Since 12/31/2013, the share price of AIRT has increased by 10.5% per annum
FINANCIAL HIGHLIGHTS Since 12/31/2013, the share price of AIRT has increased by 10.5% per annum*+. $22.25 + Compares to 12.1% return of the S&P 500 over the same period *Reporting period 9/30/13 to 8/4/25, includes $4M Trust Preferred 29 dividend to common shareholders, paid August 12, 2022.
Slide 30: Average Yearly AIRT Stock Price Performance
FINANCIAL HIGHLIGHTS Average Yearly AIRT Stock Price Performance Staring Date. au | 1/32 | 12/31/13 | 12731714 | 12/31/15 | 12/31/16 12/31/18 | 12/31/19 | 12/31/20 RA 21% RAVE RAS RANE 11.5% 9.2% 12731723 | 108% | 11.5% 8.6% 25% 1.7% 124 | 112% | 12.0% 93% 42% 3.7% ears | 115% | 123% 98% 3.1%, 5.1%
Slide 31: Growth Strategies
GROWTH STRATEGIES EMUATTA A PORTFOLIO 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: 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: 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: 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: 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: Adjusted EBITDA Reconciliation (FY)
FY Results Adjusted EBITDA Reconciliation (For the Twelve-Month Period Ended 3/31) FY25 FY24 FY23 FY22 FY21 Operating Income (GAAP) $1.9M $1.3M ($4.4M) $8.8M* ($9.2M) Depreciation (excluding leased $3.0M $2.8M $2.5M $1.6M $1.2M engine depreciation) Asset Impairment, write-downs, $1.5M $1.2M $7.8M $0
Slide 39: Adjusted EBITDA Reconciliation (Q1)
Q1 Results Adjusted EBITDA Reconciliation (For the Three-Month Period Ended 6/30) FY26 Q1 FY25 Q1 FY24 Q1 FY23 Q1 FY22 Q1 Operating Income (GAAP) $0.4M ($0.6M) $0.7M $0.8M ($0.0M) Depreciation (excluding leased $0.7M $0.8M $0.7M $0.6M $0.3M engine depreciation) Asset Impairment, write-downs, $0.0M $
Slide 40: Q&A with Management
Q&A WITH MANAGEMENT 40
Slide 41: Shareholder Q&A: Quarterly interest payments
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 How much is your quarterly interest payments? ▪ FY26 Q1 cash paid
Slide 42: Shareholder Q&A: Shareholder equity
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 Do you have a positive shareholder equity, and if so, what is it?
Slide 43: Shareholder Q&A: Change in equity from FY24 to FY25
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 Why did equity go from positive in FY24 to negative in FY25? The
Slide 44: Appendix: Risk Factors
APPENDIX Risk Factors APOR[JFOLIO OF POWERFUL COMPANIES
Slide 45: 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 46: 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 engi
Slide 47: 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 48: Summary Risk Factors: Structure and Financing/Liquidity
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) ● Future acquisitions and dispositions of businesses and invest