Republic Airways Holdings Inc. · NASDAQ:RJET
Republic Airways — Q4 2025 Earnings Presentation
22 slides from Republic Airways's earnings presentation, Mar 4, 2026
Slide 1: Investor Update
INVESTOR UPDATE March 4, 2026
Slide 2: Today's Speakers
Today’s Speakers David Grizzle Matt Koscal Joe Allman Chairman President and Senior Vice President and Chief Executive Officer Chief Commercial Officer and Chief Financial Officer Q4 2025 Investor Update 2
Slide 3: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements that reflect the current views of Republic Airways Holdings Inc. (the “Company”) with respect to, among other things, its operations and financial performance. Forward-looking statements include all statements
Slide 4: David Grizzle, Chairman and CEO
David Grizzle Chairman and CEO
Slide 5: Key Messages
Key Messages ⭑ Republic is built on a distinctive culture of employee engagement and operational excellence, enabling us to reliably deliver essential regional capacity to major airline partners across demanding markets ⭑ A highly experienced leadership team, supported by a disciplined management tr
Slide 6: Allow Us to Introduce Ourselves
Allow Us to Introduce Ourselves 1 Single Fleet Type 3 Long-Standing Partnerships 12 Bases Across the 2025 Size and Scale Eastern U.S. 19% 21M Passengers Carried Fleet Allocation 41% Bases 370k+ Thousands of Arrivals 1,300+ Largest EJET operator HQ Daily 306 (1) committed aircraft in the 40% Departur
Slide 7: Over 50-year Legacy of Excellence
Over 50-year Legacy of Excellence With the last 25+ years marked by operational leadership and strong growth 1995 – 2000 2000 – 2005 2005 – 2010 2010 – 2016 2016 – 2025 2025 – Beyond • Organized as a • Expanded into • Acquired Frontier, • Expanded regional jet • Unified fleet of holding company in r
Slide 8: Enduring Strength Through an Era of Regional Consolidation
Enduring Strength Through an Era of Regional Consolidation Top Independent Regional Airlines 2009 16 2026 4 Q4 2025 Investor Update 8
Slide 9: Matt Koscal, President and Chief Commercial Officer
Matt Koscal President and Chief Commercial Officer
Slide 10: High-density Operator in High-Density / High-Value U.S. Hubs
High-density Operator in High-Density / High-Value U.S. Hubs Mainline Carriers 93,611 New York City Area (EWR / JFK / LGA) Wholly Owned Regional 81,093 70,693 52,545 48,949 39,490 16,408 Number of Arrivals Washington D.C. Area (DCA / IAD) 44,981 43,980 38,115 29,746 18,735 18,364 13,096 42,195 Bosto
Slide 11: A Standard-Setter in Reliability
A Standard-Setter in Reliability Our network – highly concentrated in congested Northeast corridor Number of 100% Controllable Completion Factor Days 358 358 349 2023 2024 2025 Over 95% of the year had perfect controllable completion factor days Q4 2025 Investor Update 11
Slide 12: Long-Term Business Plan Grounded in Established Partnerships
Long-Term Business Plan Grounded in Established Partnerships Debt Partner Owned Debt Partner Owned Debt Partner Owned Financed Controlled Outright Financed Controlled Outright Financed Controlled Outright E175 – Capacity Purchase 35 - 57 9 35 13 52 72 2 Avg Age:13 Years 275 92 57 126 Non-Operator Le
Slide 13: Our Culture is a Competitive Advantage
Our Culture is a Competitive Advantage Factors that contribute to our recruitment and retention success: ⭑ Favorable Contracts: CBAs are among the most favorable in the industry in terms of wages and benefits offered ⭑ Attractive Culture: Republic offers a positive work environment and culture for i
Slide 14: Merger with Mesa: Welcome Aboard
Merger with Mesa: Welcome Aboard Pilots Inflight Technicians All Other (1) 3,000 2,820 750 1,850 TOTAL: 8,400 (1) Includes ambassadors, LIFT Academy, and Brickyard Connection Q4 2025 Investor Update 14
Slide 15: Integration and Strategic Realignment of the EJET Fleet
Integration and Strategic Realignment of the EJET Fleet Enhanced Scale and Operational Efficiency 2026 2027 Workstreams • Blends ~8,400 aviation professionals committed to safety and operational excellence Back office Integration • Unified fleet strategy creates the world’s largest E170/E175 driving
Slide 16: Joe Allman, Chief Financial Officer
Joe Allman Chief Financial Officer
Slide 17: Q4 Financial Strength Amid Industry Operational Headwinds
Q4 Financial Strength Amid Industry Operational Headwinds Completion Performance Q4 24 – 25 Block Hour Production 210,000 198,299 190,000 0.19% 0.30% 170,000 161,276 +23% 150,000 3.15% Q4 24 Q4 25 Revenue ($M) Adj. EBITDAR ($M)(1) Adj. EPS ($)(1) 464 83 99.81% 99.70% +21% +26% $0.54 385 66 +8% $0.50
Slide 18: Full-Year 2025 Financial Highlights
Full-Year 2025 Financial Highlights 3-Year Block Hour Production 699,313 561,905 591,677 +18% +5% 2023 2024 2025 Revenues($M) Adjusted EBITDAR($M)(1) Adjusted Diluted EPS($)(1) +14% 1,677 +31% 342 301 261 +74% $2.80 1,474 $1.61 1,429 $1.58 2023 2024 2025 2023 2024 2025 2023 2024 2025 (1) Excludes $4
Slide 19: Strength of Balance Sheet and Improving Debt Profile
Strength of Balance Sheet and Improving Debt Profile Creating Opportunities for Further Growth Capex ($M) Net Debt ($M) Net Leverage 392 411 929 3.0x 3.2x 260 902 2.7x Long-Term ≤2.2x Target 841 <1.5x 2023 2024 2025 2023 2024 2025 2023 2024 2025 2026E 29 remaining deliveries 2026 2027 2028 2029 3 co
Slide 20: 2026 Outlook
2026 Outlook $2B+ Total Revenues 865,000+ $380M+ Block Hours Adjusted EBITDAR ~$90M ~$165M Capital Expenditures, Net of Financings Debt Repayment Q4 2025 Investor Update 20
Slide 21: Key Takeaways
Key Takeaways 1 Employer of Choice Focused on Proprietary Workforce Development 2 Industry Leader in Operational Reliability and Fleet Availability 3 Seasoned Management Team With Decades of Aviation Experience 4 Established Market Share with Clear Growth Trajectory 5 Expanded Capacity Purchase Agre
Slide 22: Republic Airways
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