Slide 1: Results Presentation - Half Year Ended 31 December 2025
RESULTS PRESENTATION - Half Year Ended - 31 December 2025 Alliance Aviation Services Limited
Slide 2: Disclaimer
DISCLAIMER Reliance on third party information Not investment advice (cont.) Future performance and forward-looking statements This presentation was prepared by Alliance Aviation Services Any decision to buy or sell securities or other products should be This Presentation contains certain “forward-l
Slide 3: Agenda
AGENDA 1H26 KEY MESSAGES 4 1H26 FINANCIAL PERFORMANCE 10 STRATEGY & OUTLOOK 17 Q&A 19 APPENDIX 20 H1 FY26 Results – February 2026 3
Slide 4: 1H26 Key Messages
1H26 KEY MESSAGES S t e w a r t Tu l l y, M a n a g i n g D i r e c t o r 4
Slide 5: Key Messages
KEY MESSAGES • Core contracted (FIFO) business remains resilient, underpinned by strong safety and operational performance coupled with a positive outlook for the resources sector • Commercially unviable and cash flow negative arrangement with major wet-lease customer materially impacted Group finan
Slide 6: 1H26 Underlying Results
1H26 UNDERLYING RESULTS UNDERLYING REVENUE1 UNDERLYING EBITDA1 UNDERLYING PBT1 UNDERLYING NPAT1 $368.8m $87.4m $14.6m $11.9m 1H25: $338.9m 1H25: $101.2m 1H25: $41.3m 1H25: $28.8m OPERATING CASH FLOW2 NET DEBT FLEET FLIGHT HOURS $8.2m $433.4m 81 59,207 1H25: $27.2m 30 JUN 2025: $378.0m 36 FOKKER |45
Slide 7: Wet-Lease Update
WET-LEASE UPDATE Update on review of major wet-lease customer agreement, arrangement or understanding • Commercially unviable and cash flow negative arrangement with major wet-lease customer materially impacting Group financial performance • Under this arrangement, Alliance provides critical regiona
Slide 8: Asset Impairment and Fleet Renewal
ASSET IMPAIRMENT AND FLEET RENEWAL Revised financial outlook has necessitated the need to impair the book value of the company’s fleet and related assets. Alliance has subsequently recognised: • $144.6m impairment on Fokker F70 and F100 aircraft and engines • $7.2m impairment on right of use (ROU) a
Slide 9: Operational Turnaround Underway
OPERATIONAL TURNAROUND UNDERWAY Capital, cash and contract discipline to provide a platform for sustainable growth IMPROVE SALES & CUSTOMER IMPROVE CAPITAL ALLOCATION IMPROVE FREE CASH FLOW MANAGEMENT Implement disciplined maintenance capital OBJECTIVES Optimise fleet, improve utilisation and divest
Slide 10: 1H26 Financial Performance
1H26 FINANCIAL PERFORMANCE S i m o n Ve r t u l l o , C h i e f F i n a n c i a l O f f i c e r 10
Slide 11: Revenue Streams
REVENUE STREAMS AVIATION SERVICES & CONTRACTED FIFO WET-LEASE OTHER REVENUE Flights operated on behalf of resource Provision of specialised aviation services Providing flight services to major airlines sector customers and inventory trading • Revenue performance remains resilient • Full aircraft dep
Slide 12: Underlying Income Statement
UNDERLYING INCOME STATEMENT1 31 Dec 2025 31 Dec 2024 PCP $ millions Underlying Actual Change Revenue Revenue Contract Revenue 152.6 153.6 (1%) • Full deployment of wet lease aircraft and 3% increase in flight hours Charter Revenue 7.1 7.2 (1%) • Resilient contract revenue for FIFO Wet Lease Revenue
Slide 13: EBITDA Bridge (Underlying)
EBITDA BRIDGE (UNDERLYING) Key movements in 1H26 include increased repairs & maintenance and labour 1H25 EBITDA to 1H26 EBITDA ($m) 4.0 25.9 101.2 (31.4) 87.4 (11.4) (1.0) EBITDA Revenue Other Revenue R&M and Parts Labour Other Costs EBITDA H1 FY26 Results – February 2026 13
Slide 14: Statement of Financial Position
STATEMENT OF FINANCIAL POSITION $ millions Cash 31 Dec 2025 Actual 58.4 30 Jun 2025 Actual 96.5 %PCP Change Statutory Impairment Receivables 86.9 85.7 • An impairment charge of $144.6 million against the carrying value of Fokker Inventory 104.7 86.5 F70 and F100 aircraft and engines Total Current As
Slide 15: Capital Expenditure
CAPITAL EXPENDITURE 31 Dec 2025 31 Dec 2024 Existing fleet capital expenditure $ millions Actual Actual Existing Fleet Capital Expenditure • Engine care program (Rolls-Royce) expired December 2024 Cash outflows • Operating cost capitalisation driven by additional Rockhampton Base maintenance provide
Slide 16: Cash Flow Bridge
CASH FLOW BRIDGE The cash position in the half has been impacted by outsized maintenance capex 1H26 Cashflow Bridge ($m) 87.4 (16.2) 8.3 (14.8) 96.5 (66.8) 11.1 58.4 (31.0) (15.7) (0.3) Opening Cash EBITDA Inventory Inventory Other Working Fleet Aircraft Financing Interest Paid Other Closing Cash (A
Slide 17: Strategy and Outlook
STRATEGY AND OUTLOOK James Jackson, Chairman 17
Slide 18: FY26 Earnings Guidance
FY26 EARNINGS GUIDANCE FY26 Underlying Guidance Updated guidance reflecting: PBT $35-40 million • Cessation of aircraft trading activities resulting in the removal of the forecast $18m PBT contribution from these activities • Offset by the reduction in depreciation expense following the fleet impair
Slide 19: Q&A
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Slide 20: Appendix
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Slide 21: Cash Flow Statement
CASH FLOW STATEMENT 31 Dec 2025 31 Dec 2024 $ millions Actual Actual • Operating cash flows includes $14.8 million for the purchase and Receipts from customers (Inclusive of GST) 396.9 393.8 associated costs of two aircraft classified as inventory Payments to suppliers • Interest paid has increased
Slide 22: Reconciliation of Results
RECONCILIATION OF RESULTS 1H26 Income statement 31 Dec 2025 Underlying 31 Dec 2025 $ millions Underlying Adjustment1 Statutory Revenue Contract Revenue 152.6 - 152.6 Charter Revenue 7.1 - 7.1 Wet Lease Revenue 169.8 0.3 170.1 RPT Revenue 5.8 - 5.8 Aviation Services Revenue 18.7 - 18.7 Other Revenue
Slide 23: Operational Metrics
OPERATIONAL METRICS 31 Dec 2025 31 Dec 2024 Actual Actual Aircraft in Service - Fokker 36 38 Aircraft in Service - Embraer 45 41 Aircraft in Service - Total 81 79 Flight Hours - Contract 13,816 14,265 Flight Hours - Charter 505 595 Flight Hours - Wet Lease 43,940 42,682 Flight Hours - RPT 435 423 Fl
Slide 24: Commodity Exposure
COMMODITY EXPOSURE Major commodity exposure as a percentage of the top 15 contracted FIFO client's revenue for the year ended 31 December 2025. Coal Silver/Lead/Zinc 7% 9% Copper/Gold/Uranium Nickel 14% 7% Oil/Gas 15 Iron Ore 6% Major FIFO 18% Contracts 1H26 Manganese 8% Gold 31% H1 FY26 Results – F
Slide 25: Thank You
T H A N K Y O U