Air Charter and Business Aviation Sector Outlook — September 2026

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INDUSTRIALS › TRANSPORTATION › AIR CHARTER AND BUSINESS AVIATION

Air Charter: Value Splits on Who Can Be Priced on Profit

How value separates across air charter and business aviation operators, and what buyers agreed to pay in the recorded transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   INDUSTRIALS › TRANSPORTATION › AIR CHARTER AND BUSINESS AVIATION

   The cover introduces the Air Charter and Business Aviation sector outlook and its September 2026 valuation basis.

   We open on the Air Charter and Business Aviation sector as of September 2026, framed on an EV/EBITDA (CY2027E) basis. This is the lens for everything that follows, so what matters is which names can be priced this way and which cannot.

   Everything on this page

   INDUSTRIALS › TRANSPORTATION › AIR CHARTER AND BUSINESS AVIATION Air Charter: Value Splits on Who Can Be Priced on Profit How value separates across air charter and business aviation operators, and what buyers agreed to pay in the recorded transactions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the report's five sections plus the appendix, in the order they build the argument.

   We built this report so a reader who stops after the first section still gets the full story. The remaining sections then go deeper: the companies, valuation and situations, precedent transactions, and strategic implications. So what matters is which section a client needs next, not that they read every page.

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   CONTENTS What This Report Covers 01 The Bottom Line Two Different Businesses Sit Under One Air Charter Label 02 The Companies Four Leisure Carriers and One Offshore Operator Make up the Set 03 Valuation & Situations The Top of the Range Sits Alongside Contracted Offshore Flying 04 Precedent Transactions Precedent Transactions Set the Benchmark for What Certificates, Fleets and Ground Assets Fetch 05 Strategic Implications Contract Mix, Utilisation and Prepaid Money Are the Live Levers 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Air Charter and Business Aviation Divide Between Names Priced on Profit and Names Priced on Revenue

   This page shows that the sector splits between names priced on profit and names priced on revenue, using EV/EBITDA (CY2027E).

   Three of the five companies in this set carry a forward EBITDA estimate for CY2027E, and the median across them sits at 3.8x. The offshore operator is 20% of the set and sits at the top of the range, while the four leisure and low-cost carriers make up 80% and sit lower. Recorded precedent transactions cleared from 8.4x to 20.1x, above the listed range we see today. So what matters for a client is which basis — earnings or revenue — the market is using to price a given name.

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   01 · THE BOTTOM LINE Air Charter and Business Aviation Divide Between Names Priced on Profit and Names Priced on Revenue The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 5 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Only Three of the Five Names Can Be Priced on Earnings Three of the five companies carry a forward EBITDA estimate for CY2027E, and the middle of that range sits at 3.8x. The other two are assessed on revenue today, and with a set this small a single revision moves the split. 2 Contracted Offshore Flying Holds the Top of the Range One energy logistics and offshore aviation services operator is 20% of the set and sits at the top of the range. The four scheduled leisure and low-cost carriers are 80% of the set and sit in the middle and at the bottom of it. 3 The Spread in Multiples Is Not Tracking Margin Across the three names with a forward estimate, EBITDA margin reaches 26% at the upper end and the multiples still span the whole range. Contracted, take-or-pay flying for energy and government customers is associated with the upper end here, and discretionary leisure demand with the lower end. 4 Recorded Deals Cleared Above Where the Listed Names Sit Seven of the nine recorded transactions carry a disclosed EBITDA multiple, and they run from 8.4x to 20.1x. That band sits above the listed range, with brokerage and single-operator charter businesses recorded toward its lower end. 3.8x Sector median EV/EBITDA CY2027E consensus · 3 rated of 5 companies 5.3x Premium end EV/EBITDA vs 2.6x at the discount end top quartile (n=1) against bottom quartile (n=1) on EV/EBITDA — the spread the report explains 14 Transactions with disclosed terms 30 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the section covering the five companies in the set.

   We now turn to the five companies themselves — four leisure carriers and one offshore operator. Understanding who flies for whom sets up the valuation split we already flagged.

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   SECTION 02 02 THE COMPANIES Four Leisure Carriers and One Offshore Operator Make up the Set Who flies what for a living, and which demand pool pays the bills. 02 of 06 Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · THE COMPANIES

   Two Demand Pools, Two Ways to Earn a Flight Hour

   This page shows the five approved companies split by demand pool, with EV/EBITDA (CY2027E) shown where rated.

   We group these five companies by demand pool: contracted offshore energy flying versus scheduled leisure and low-cost travel. That split carries directly into the valuation gap we already flagged. So what matters is that mix, not just scale, decides where a name sits in this range.

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   02 · THE COMPANIES Two Demand Pools, Two Ways to Earn a Flight Hour 5 approved companies · EV / EBITDA (CY2027E) where rated · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Company descriptions are NeuraCap views grounded in the platform's classification rationale. Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ALGT Allegiant Travel Company Enterprise value $2.4B EV/EBITDA (CY2027E) 2.6x Revenue growth 19% EBITDA margin 21% At the bottom of the range on estimated growth of 18%, carrying an owned fleet and discretionary leisure demand. SRFM Surf Air Mobility Inc. Enterprise value $41M EV/EBITDA (CY2027E) n/a Revenue growth 21% EBITDA margin n/a Regional air mobility scaling on estimated growth of 21%, with no forward earnings basis in the set yet. UP Wheels Up Experience Inc. Enterprise value $491M EV/EBITDA (CY2027E) n/a Revenue growth n/a EBITDA margin n/a Membership and managed-fleet lift with no forward earnings estimate in the set, so it is read on revenue. VLRS Controladora Vuela Compañía de Aviación, S.A.B. de C.V. Enterprise value $3.9B EV/EBITDA (CY2027E) 3.8x Revenue growth 9% EBITDA margin 26% Sits in the middle of the range on estimated growth of 9% and a 26% margin, flying low-cost scheduled leisure. VTOL Bristow Group Inc. Enterprise value $1.9B EV/EBITDA (CY2027E) 5.3x Revenue growth 6% EBITDA margin 20% The contracted offshore and mission-flying operator in the set, at the top of the range on estimated growth of 6%.

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   SECTION 03

   03

   This divider introduces the section on public market valuation, drivers, situations and the strategic agenda.

   We move next into how the market actually prices this set, ranked on EV/EBITDA for CY2027E. Three of the five names carry the estimate needed to be ranked.

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   SECTION 03 03 VALUATION & SITUATIONS The Top of the Range Sits Alongside Contracted Offshore Flying Ranked on EV / EBITDA for CY2027E, with three of the five names carrying an estimate. 03 of 06 Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6

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   03 · PUBLIC MARKET VALUATION

   The Premium End Sits with Contracted Offshore Lift

   This page ranks every approved company on EV/EBITDA (CY2027E) against the 3.8x median, marking names without an eligible multiple as n/a.

   We rank each company against the 3.8x median of the rated set, with contracted offshore lift at the premium end. Names without an eligible multiple are marked n/a rather than estimated. So what matters here is that the premium is concentrated in one name, not spread evenly across the group.

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   03 · PUBLIC MARKET VALUATION The Premium End Sits with Contracted Offshore Lift EV / EBITDA (CY2027E) · every approved company shown; names without an eligible multiple are marked n/a · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 5 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). A ranked multiple chart is not drawn below four rated names; the readout shows each company against the 3.8x median of the rated set. Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7 Company Ticker EV EV/EBITDA (CY2027E) Rev growth EBITDA margin What sets the price Allegiant Travel Company ALGT $2.4B 2.6x 19% 21% At the bottom of the range on estimated growth of 18%, carrying an owned fleet and discretionary leisure demand. Surf Air Mobility Inc. SRFM $41M n/a 21% n/a Regional air mobility scaling on estimated growth of 21%, with no forward earnings basis in the set yet. Wheels Up Experience Inc. UP $491M n/a n/a n/a Membership and managed-fleet lift with no forward earnings estimate in the set, so it is read on revenue. Controladora Vuela Compañía de Aviación, S.A.B. de C.V. VLRS $3.9B 3.8x 9% 26% Sits in the middle of the range on estimated growth of 9% and a 26% margin, flying low-cost scheduled leisure. Bristow Group Inc. VTOL $1.9B 5.3x 6% 20% The contracted offshore and mission-flying operator in the set, at the top of the range on estimated growth of 6%.

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   03 · VALUATION DRIVERS

   Margins Sit Close Together While the Multiples Spread Apart

   This page compares median EV/EBITDA (CY2027E) across revenue-growth and EBITDA-margin cohorts among rated names.

   We split the rated names by growth and by margin to see what the multiple spread tracks. Margins reach as high as 26% among this group, yet the multiples still span the full range. So what matters is that margin alone does not explain the premium — contract type looks like the stronger association.

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   03 · VALUATION DRIVERS Margins Sit Close Together While the Multiples Spread Apart Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 Margins Are Bunched Across the Three Names with a Forward Estimate EBITDA margin runs 26% at Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS), 21% at Allegiant Travel Company (ALGT) and 20% at Bristow Group Inc. (VTOL). The multiples attached to those three margins span the whole range, so on this sample the spread is not tracking profitability. Estimated Growth Is Not Lining up with the Multiple Either Allegiant Travel Company (ALGT) carries estimated growth of 18% and sits at the bottom of the range, while Bristow Group Inc. (VTOL) grows an estimated 6% and sits at the top. Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) sits in the middle on 9%. Contracted Backlog Sits Alongside the Upper End of the Range The name at the top flies under contract for energy and government customers, where take-or-pay standby days and multi-year awards carry the revenue. The names below it sell discretionary seats, where demand moves with consumer spending and corporate travel policy. This is association on three names with a forward estimate, not proof. Prepaid Block Hours and Card Balances Are Treated as Debt-Like Buyers in this sector negotiate customer deposits, prepaid block hours and jet card balances as debt-like items rather than working capital, which changes what a given multiple delivers to a seller. For membership and fractional models the size of that balance shapes the price conversation as much as the earnings line.

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   03 · SITUATION MAP

   Certificates, Fleets and Ground Assets Put Owners in Four Different Positions, Each with Its Own Next Move

   This page maps each company by EV/EBITDA (CY2027E) against the 3.8x median and by EBITDA margin against the 21% covered median.

   We cut the set on two axes — multiple versus the 3.8x sector median, and margin versus the 21% covered median — to place each owner in one of four situations. These are observations on where a company sits today, not recommendations. So what matters is the questions each quadrant raises for its owner, which the next page turns into an agenda.

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   03 · SITUATION MAP Certificates, Fleets and Ground Assets Put Owners in Four Different Positions, Each with Its Own Next Move Cut on EV / EBITDA vs the sector median (3.8x) (rows) and EBITDA margin vs the covered median (21%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 Credited and Delivering Above-median multiple · above-median EBITDA margin 1 names Controladora Vuela Compañía de Aviación, S.A.B. de C.V. (VLRS) The multiple already assumes execution; the agenda is defending what the market has credited. Premium Ahead of the Operating Case Above-median multiple · below-median EBITDA margin 1 names Bristow Group Inc. (VTOL) The premium outruns the operating measure beneath it; the gap wants an answer before the market asks the question. Operating Case Ahead of the Price Below-median multiple · above-median EBITDA margin 1 names Allegiant Travel Company (ALGT) The operating case runs ahead of the price — the re-rating conversation lives in this cell. Priced for What It Is Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

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    03 · THE AGENDA

    Three Levers Owners Already Control Are Associated with a Position at the Top of the Range

    This page lists three levers owners already control that are associated with a position at the top of the range.

    We frame this as the questions an owner or acquirer should be resolving now: contract mix, utilisation, and how prepaid balances are treated. These are NeuraCap's observations, not recommendations, grounded in the cohort data already shown. So what matters is that all three levers sit inside an owner's control today, before any change in fleet or footprint.

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    03 · THE AGENDA Three Levers Owners Already Control Are Associated with a Position at the Top of the Range NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Shift Mix Toward Contracted, Take-or-Pay Flying Energy, government and corporate contracts carry revenue through a soft season, and the name at the top of this range flies that way. The question for an owner is what share of flight hours is contracted rather than on-demand, and what it would cost to move that share. What changes the answer: A multi-year award or renewal that lifts contracted hours as a share of total hours flown. Raise Utilisation per Tail Before Adding Tails Fleet commonality, geographic density and a lower positioning ratio improve cost per flight hour without new capital. Managed-fleet and charter-release arrangements supply supplemental lift on the same logic, at the cost of some control over the aircraft. What changes the answer: Utilisation per tail and the deadhead ratio moving while fleet count and headcount stay flat. Treat Prepaid Block-Hour and Card Balances as Capital Structure Deferred card and block-hour balances are negotiated as debt-like in this sector, so growth funded by customer prepayments carries a cost when a business is valued. Breakage economics and the size of that balance belong in capital allocation decisions. What changes the answer: The deferred balance growing faster than the flight hours actually delivered against it. Decide Whether Maintenance and Crew Capability Is Built or Bought In-house maintenance and engine programme coverage reduce aircraft-on-ground time, and the crew pipeline is the binding constraint on adding block hours in most markets. The build-versus-buy choice shapes how quickly contracted hours can grow. What changes the answer: Pilot attrition or aircraft-on-ground time moving against the contracted book.

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    SECTION 04

    04

    This divider introduces the section on precedent transactions.

    We turn now to what buyers have actually paid for certificates, fleets and ground assets. Nine recorded transactions with announced status anchor this section.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Set the Benchmark for What Certificates, Fleets and Ground Assets Fetch Nine recorded transactions with announced status, across charter, fractional and fixed-base assets. 04 of 06 Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11

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    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay for Certificates, Fleets and Ground Assets

    This page walks through case studies of transactions with disclosed terms, using multiples on LTM financials at announcement.

    We walk through two case studies where terms were disclosed, showing what buyers agreed to pay on an LTM basis at announcement. These multiples aren't directly comparable to the CY2027E public basis, so no spread is claimed between the two. So what matters is the standalone read: what a buyer underwrote in each specific deal, not a cross-basis comparison.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay for Certificates, Fleets and Ground Assets 2 of 14 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 28 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 16 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Feb-2021 $1.8B Aspirational Consumer Lifestyle Corp. acquires Wheels Up Experience Inc. EV / LTM revenue 2.6x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A blank-cheque buyer met an on-demand membership business that sourced lift through managed and charter-release aircraft rather than owned metal. The transaction suggests the buyer was underwriting the customer base, prepaid block-hour relationships and asset-light growth in flight hours. HOW THE TARGET WAS VALUED The record shows $1.8B at 2.6x revenue, with no EBITDA multiple recorded. That sits in the middle of the revenue multiples in this record, and revenue is the convention used where flight-hour margin has still to arrive. Aug-2023 $191M PROOF Acquisition Corp I acquires Volato, Inc. EV / LTM revenue 6.7x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED PROOF Acquisition Corp I, a blank-cheque vehicle, met Volato, Inc., a fractional and on-demand operator still building fleet and certificate scope. The transaction suggests the buyer was underwriting growth in flight hours and the fractional ownership base ahead of profitability. HOW THE TARGET WAS VALUED The record shows $191M at 6.7x revenue, with no EBITDA multiple. Set against the earnings multiples elsewhere in this record, a revenue basis is what the sector uses for platforms still absorbing certificate, crew and integration cost.

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    SECTION 05

    05

    This divider introduces the section on strategic implications for operators.

    We close the analysis with what the evidence suggests an owner should test next: contract mix, utilisation, and prepaid balances. These are the live levers for the coming planning cycle.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Contract Mix, Utilisation and Prepaid Money Are the Live Levers What the evidence suggests an owner should test in the next planning cycle. 05 of 06 Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    05 · STRATEGIC IMPLICATIONS

    Revenue Quality, Cost Discipline and Fleet Scale Are Associated with an Operator's Standing Here

    This page sets out how revenue quality, cost discipline and fleet scale associate with an operator's standing in this set.

    We read revenue quality, cost discipline and fleet scale as the factors most associated with standing in this range, based on the data in this report. This page is directional — NeuraCap's view, not a recommendation to buy or sell. So what matters for an owner is which of these three levers is easiest to move in the next twelve months.

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    05 · STRATEGIC IMPLICATIONS Revenue Quality, Cost Discipline and Fleet Scale Are Associated with an Operator's Standing Here NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 FOR OWNERS Revenue Quality Is What Separates the Two Ends Here The name at the top of the range carries contracted flying; the name at the bottom carries discretionary demand. Mix, contract length and customer concentration are the levers an owner controls, and on this evidence they sit ahead of fleet size in what buyers underwrite. FOR MANAGEMENT TEAMS Flight-Hour Economics Are Where a Multiple Is Defended Utilisation per tail, positioning waste, completion rate and cost per flight hour are the operating levers that reach EBITDA under this lens. They move more slowly than buying tails, and they are harder for a competitor to copy. FOR CAPITAL PROVIDERS An Earnings Basis Changes the Conversation Three of the five names carry a forward EBITDA estimate; the other two are read on revenue today. Until flight-hour margin is visible, revenue pricing is the convention the recorded transactions fall back on.

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    SECTION 06

    06

    This divider introduces the appendix covering the full universe, methodology and sources.

    We close with the full comparables set, the valuation methodology, and where every underlying disclosure lives.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This page lists all approved public comparables on EV/EBITDA (CY2027E), shaded above or below the 3.8x sector median.

    We shade each company against the 3.8x sector median so a client can see the full comparables set at a glance. Three companies are rated on this basis and two are not, for lack of an eligible multiple. So what matters is that every rated row here is traceable back to its own disclosure.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (3.8x); amber marks below · 3 rated companies; 2 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 3 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥4.6x · median 5.3x · 1 companies Bristow Group Inc. VTOL Energy logistics aviation support and offshore… $1.9B 5.3x 6% 20% 27 CORE — 3.2x–4.6x · median 3.8x · 1 companies Controladora Vuela Compañía de Aviación… VLRS Adjacent: scheduled leisure and low-cost carriers $3.9B 3.8x 9% 26% 34 DISCOUNT — <3.2x · median 2.6x · 1 companies Allegiant Travel Company ALGT Adjacent: scheduled leisure and low-cost carriers $2.4B 2.6x 19% 21% 39

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, newest first, with multiples on LTM financials at announcement.

    We list every transaction with disclosed terms here, ordered newest first, each carrying its LTM multiple at announcement where disclosed. Transactions without a disclosed value or multiple sit in the companion workbook rather than here. So what matters is the recorded deal evidence itself, not an estimate standing in for it.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (30 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 28 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 16 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2024 TreeHouse Foods, Inc. → Grandview Aviation LLC n/a n/a 9.0x TreeHouse Foods, Inc. and Grandview Aviation LLC announced terms in October 2024 at a disclosed 9.0x EBITDA. A single-operator charter business of tails, crews and certificate scope is recorded toward the lower end of the EBITDA band. Jun-2024 CVS Health Corporation → Jet.AI Inc. n/a n/a 17.7x CVS Health Corporation and Jet.AI Inc. announced terms in June 2024 at a disclosed 17.7x EBITDA. Asset-light fractional and software-led models are recorded toward the upper end of the band, where earnings are small against platform value. Aug-2023 PROOF Acquisition Corp I → Volato, Inc. $191M 6.7x n/a PROOF Acquisition Corp I and Volato, Inc. announced a transaction at $191M, a disclosed 6.7x revenue. Where a young fractional operator has no usable earnings basis yet, the record prices it on revenue. Oct-2022 Horizon Acquisition Corp. II → Flexjet n/a 1.4x 11.3x Horizon Acquisition Corp. II and Flexjet announced terms recorded at 1.4x revenue and 11.3x EBITDA in October 2022. The filing's deal value unit is unresolved, so the multiples are the reliable read rather than the headline value. May-2022 Qantas Airways Limited → Alliance Aviation Services Limited n/a 2.6x 16.0x Qantas Airways Limited and Alliance Aviation Services Limited announced terms in May 2022 at a recorded 16.0x EBITDA. Contracted charter flying for resources customers is recorded toward the upper end of the band. Mar-2022 Wheels Up Experience Inc. → Air Partner PLC n/a 0.9x 8.4x Wheels Up Experience Inc. and Air Partner PLC announced terms in March 2022 at a recorded 0.9x revenue and 8.4x EBITDA. Brokerage revenue is gross of the flying it arranges, so the earnings multiple is the one that carries meaning here. Jun-2021 Cascade Investment → Signature Aviation Limited n/a 4.9x 20.1x Cascade Investment and Signature Aviation Limited announced terms in June 2021 at a recorded 4.9x revenue and 20.1x EBITDA. Fixed-base networks with hangar and ramp positions are recorded at the top of the band, closer to infrastructure than to flying. Mar-2021 The Blackstone Group Inc./ Global Infrastructure Management, LLC/ Cascade Partners LLC → Signature Aviation plc n/a n/a 12.9x The Blackstone Group Inc./ Global Infrastructure Management, LLC/ Cascade Partners LLC and Signature Aviation plc announced terms in March 2021 at a recorded 12.9x EBITDA. Two entries on the same ground-services franchise show how wide the recorded band can be on one… Feb-2021 Aspirational Consumer Lifestyle Corp. → Wheels Up Experience Inc. $1.8B 2.6x n/a Aspirational Consumer Lifestyle Corp. and Wheels Up Experience Inc. announced terms in February 2021 at a recorded $1.8B. The membership and managed-fleet model was taken to the public market on a revenue basis rather than an earnings one.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page continues the full list of precedent transactions with disclosed terms, newest first.

    We continue the same list here, still ordered newest first and still on an LTM-at-announcement basis. So what matters is that a client can trace any one of these deals back to its own filing.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 14 transactions with disclosed terms in this tier (30 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 28 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 16 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2016 Air Transport Services Group → Omni Air Internal LLC n/a n/a 5.8x Mar-2016 KSL Capital Partners, LLC. → Divested Landmark Assets (6 FBOs) n/a n/a 11.8x Oct-2015 BBA Aviation plc → Landmark Aviation (68 FBOs) n/a n/a 12.8x Dec-2013 Atlantic Aviation → Galaxy Aviation n/a n/a 11.0x Apr-2012 Schiff Nutrition International, Inc. → Airborne, Inc. n/a n/a 12.5x

19. 19
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the report's sources, valuation basis and data-quality treatment.

    We built this report on market data and consensus estimates as of September 2026, with company disclosures sourced via SEC filings. Every included figure traces back to the record it came from, and excluded figures are named along with the reason. So what matters is that a client can verify any number here against its original source.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice 19 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (3 of 5 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Air Charter and Business Aviation and it clears the coverage gate with 3 of 5 companies (60%). EV / Revenue, P / E are carried as a cross-check. The set earns: 3 of the 4 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 14 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 138 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (137) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

20. 20

    Contracted Flying Sits at the Top of This Range; Discretionary Lift Sits at the Bottom.

    The closing line summarizes the split: contracted flying at the top of the range, discretionary lift at the bottom.

    Contracted flying sits at the top of this range, and discretionary lift sits at the bottom. The companion tables carry the full universe and source index for any figure a client wants to trace.

    Everything on this page

    Contracted Flying Sits at the Top of This Range; Discretionary Lift Sits at the Bottom. NeuraCap AI — Air Charter and Business Aviation Coverage September 2026 · Prepared by NeuraCap AI · Confidential Air Charter and Business Aviation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20

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