Air Charter and Business Aviation Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › TRANSPORTATION › AIR CHARTER AND BUSINESS AVIATION

Operators Earn Their Standing While the Deal Record Stays Quiet

What moved, what companies announced and what the transaction record showed across Air Charter and Business Aviation from September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Air Charter and Business Aviation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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The analyst’s walkthrough of the deck, page by page.

1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INDUSTRIALS › TRANSPORTATION › AIR CHARTER AND BUSINESS AVIATION

   This is the cover for the September 14–28, 2026 bi-weekly update on Air Charter and Business Aviation.

   This bi-weekly update covers Air Charter and Business Aviation for September 14–28, 2026, tracking what moved, what companies announced, and what transacted. We'll show why operating proof outweighed transaction activity this period.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › TRANSPORTATION › AIR CHARTER AND BUSINESS AVIATION Operators Earn Their Standing While the Deal Record Stays Quiet What moved, what companies announced and what the transaction record showed across Air Charter and Business Aviation from September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Air Charter and Business Aviation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Operating Proof, Not Transactions, Carried the Period

   This slide summarizes the two-week period across four covered names, highlighting market moves, no new M&A, and operating news.

   Across the four names we cover, the median move was -1.0% while the S&P 500 returned +0.8% over the same window — a narrow but negative spread that owners should note. No new transactions entered the record, so the 30 precedent deals and their 12.2x EV/EBITDA median remain the pricing anchor for the sector. Two operators, Allegiant Travel Company and Bristow Group Inc., put concrete service and capacity news on the board instead. That combination tells us the period's real signal sat in operations, not in deal flow.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Operating Proof, Not Transactions, Carried the Period The two-week period in one page · 4 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Air Charter and Business Aviation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 2 of 4 Covered Names Fell; The Median Move Was -1.0% The S&P 500 returned +0.8% over the same window. The range inside the covered set was narrow at the edges: Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) at +5.3% and Wheels Up Experience Inc. (UP) at -2.7%. 2 No New Transactions Landed; The Precedent Record Still Sets the Reference Nothing was recorded or announced in the window. The trailing record of 30 precedent transactions carries a median of 12.2x EV/EBITDA, against a 3.8x CY2027E median across the listed universe in NeuraCap's standing study. 3 Two Companies Put Operating News on the Board Allegiant Travel Company (ALGT) took Skytrax's top low-cost airline award for North America on Sep 18, and Bristow Group Inc. (VTOL) expanded its early delivery reservations for the Chaparral autonomous cargo aircraft on Sep 17. Both are capacity and service items, not balance-sheet events. +5.3% Best mover — VLRS worst: UP -2.7% · 2 up / 2 down of 4 covered -1.0% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   A Narrow Two Weeks: One Clear Operating Story, One Move the Record Does Not Explain

   This slide ranks the two-week share-price moves for the four covered names against the sector median and the S&P 500.

   Over September 14–28, 2026, the sector median move was -1.0% against a +0.8% gain for the S&P 500, with a 3.9% materiality bar applied sector-relative. Controladora Vuela Compañía de Aviación, S.A.B. de C.V. led at +5.3%, while Wheels Up Experience Inc. closed the window at -2.7% despite a +12.0% single-day move. We attribute each move only to filings and headlines recorded in the window, and where no driver is recorded we say so plainly. For clients, the gap between VLRS's operating-linked gain and UP's swing without a clear balance-sheet event is the one this page is built to explain.

   Everything on this page

   PUBLIC MARKET MOVERS A Narrow Two Weeks: One Clear Operating Story, One Move the Record Does Not Explain Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -1.0% · S&P 500 +0.8% · materiality bar ±3.9% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Air Charter and Business Aviation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -1.0% Controladora Vuela Compañía de Aviación, S.A.B. de C.V… +5.3% VLRS finished the two-week period at +5.3%, with its strongest day a +5.2% move on Sep 21. Utilisation recovered after groundings is read as earnings, not as a one-off. COMPANY-SPECIFIC Wheels Up Experience Inc. (UP) -2.7% No notable in-window news was identified that clearly explains the move. Its -2.7% finish sat below the -1.0% median for the covered set. Thin operating disclosure leaves a name's price to be set by the wider set's direction. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Service Standing and Forward Lift: What the Sector's Companies Actually Did

   This slide lists the two-week period's highest-impact company events with sourced 'why it matters' reads.

   Allegiant Travel Company took Skytrax's top low-cost airline award for North America, and Bristow Group Inc. expanded its early delivery reservations for the Chaparral autonomous cargo aircraft, both within the same week. Both are capacity and service signals rather than balance-sheet events, and each links back to its source filing or article. We read these as evidence that operators are building forward standing even while deal activity is quiet. For clients tracking competitive position, these are the two data points worth carrying into the next review.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Service Standing and Forward Lift: What the Sector's Companies Actually Did The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Air Charter and Business Aviation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 18 · NEWS · PRNewsWire Allegiant takes Skytrax's top low-cost airline award for North America for a third year NeuraCap's read: repeat recognition of service consistency supports repeat demand and pricing, which is the part of the revenue line buyers pay for. Service and audit standing act as commercial gatekeepers with corporate and repeat customers. Sep 17 · NEWS · Business Wire Bristow expands its early delivery reservations for the Chaparral autonomous cargo aircraft A Premium-tier name in the standing study is reserving future lift positions rather than buying today's tails. Where crew and certificate capacity bind, operators secure lift years ahead of the contract.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Transaction Record Sat Still While the Reference Multiple Held

   This slide shows that no new transactions were recorded in the window, leaving the precedent record at 30 deals with a 12.2x EV/LTM EBITDA median.

   No new transaction entered the record during September 14–28, 2026, so the trailing set of 30 precedent transactions still sets the reference, with a median of 12.2x EV/LTM EBITDA. That compares with a 3.8x CY2027E median across the listed universe, a spread we've flagged before as central to how this sector prices. Deal multiples shown are LTM at announcement where disclosed, and no old transactions are re-presented as news. For acquirers, the anchor hasn't moved — the work this period is in preparing the case, not chasing a new comp.

   Everything on this page

   M&A & STRATEGIC ACTIVITY The Transaction Record Sat Still While the Reference Multiple Held September 14–28, 2026 · precedent transactions: 30 recorded deals · median 12.2x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Air Charter and Business Aviation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record of 30 precedent transactions still carries a median of 12.2x EV/EBITDA, above where the listed names sit at a 3.8x CY2027E median. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 30 Recorded precedent transactions the reference set buyers and sellers price against 12.2x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for the People Who Run, Buy and Advise These Businesses

   This slide translates the period's evidence into implications for operators, acquirers and advisors.

   For owners and operators, the period's gains tracked recovered flying rather than new capacity, pointing toward utilisation levers like fleet availability and revenue per block hour. For acquirers, the reference set is unchanged this period: the 30 trailing precedent transactions and their 12.2x EV/EBITDA median remain the pricing anchor against a 3.8x CY2027E median for listed names. For advisors, the window supports leading with the contract book and operating evidence, particularly the kind of recovered utilisation Controladora Vuela Compañía de Aviación showed. These are observations from the recorded evidence, not recommendations, but together they point to where the next conversation should start.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for the People Who Run, Buy and Advise These Businesses The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Air Charter and Business Aviation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 3.8x 5 companies in the study 3 valuation tiers Standing thesis: Air Charter and Business Aviation Divide Between Names Priced on Profit and Names Priced on Revenue FOR OWNERS & OPERATORS Utilisation and Mix Did the Talking The period's gains tracked names showing recovered flying rather than new capacity. Block hours per tail, fleet availability, the deadhead ratio and revenue per block hour are the levers behind that. FOR ACQUIRERS The Reference Set Is Unchanged This Period No new transaction entered the record, so the 30 trailing precedent transactions and their 12.2x EV/EBITDA median remain the pricing anchor, against a 3.8x CY2027E median for the listed names. Bristow Group Inc. FOR ADVISORS Lead with the Contract Book, Not the Screen The window confirms NeuraCap's standing thesis that the sector divides between names priced on profit and names priced on revenue. The evidence to lead with is operating: recovered utilisation at Controladora Vuela Compañía de Aviación, S.A.B. de C.V.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind every figure in the update.

   Every figure in this update links to the record it was taken from, and the methodology page lists the filings and publishers drawn on for the period. We hold to a fixed source-reliability order — SEC filings, press releases, then established outlets — and never draw on video or social platforms. This discipline is what lets us make calibrated reads rather than causal claims throughout the deck. For clients, it's the guarantee that every number on the prior pages traces to something they can open themselves.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Air Charter and Business Aviation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 1 name below the floor was excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T082806Z_412_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: prnewswire.com · businesswire.com

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