Q4 2025 HIGHLIGHTS Record Revenue Growth flyExclusive, Inc. Q4 & Full Year 2025 Earnings Review March 5, 2026 1 DISCLAIMERS & OTHER IMPORTANT INFORMATION FORWARD-LOOKING INFORMATION. This Presentation contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to flyExclusive the products and services offered by flyExclusive and the markets in which it operates and flyExclusive's expectations, intentions, strategies, assumptions or beliefs about future eve ...

Core Insights - Wheels Up Experience Inc. reported its first-ever positive Adjusted EBITDAR of $37 million in Q4 2025, marking a 67% year-over-year improvement in net loss [1][3] - Total revenue remained flat at $184 million, but the company benefited from a stronger mix of profitable membership flying and a $70 million cost-reduction initiative [1][2] - The company achieved a 99% completion rate and 91% on-time performance during the quarter, indicating strong operational performance [2] Financial Performance - The sale-leaseback transaction involving ten aircraft generated $30 million in net cash proceeds, which will support future fleet acquisitions [2] - The company is accelerating its fleet transformation, with premium Phenom and Challenger jets now constituting 40% of its controlled fleet [2] Membership and Partnerships - Wheels Up has initiated the installation of high-speed satellite Wi-Fi across its aircraft, aiming for nearly full fleet coverage by the end of 2026 [3] - The new Signature Membership program and a deepening partnership with Delta Air Lines contributed to a 35% year-over-year growth in corporate membership sales [3] Company Overview - Wheels Up Experience Inc. provides private aviation services both in the US and internationally, offering a membership program that includes two primary categories and UP for Business membership for small and medium enterprises [4]

Group 1: Small-Cap Stocks Outlook - Small-cap stocks are gaining traction, with the Russell 2000 index up over 3% in 2026 and outperforming the S&P 500 by approximately 400 basis points since April of the previous year, indicating a leadership shift in the market [1][2] - The end of a two-year earnings recession for small-cap companies has contributed to this positive trend, with current valuations at 25-year lows relative to large caps, presenting a significant long-term investment opportunity [1][2] Group 2: Interest Rates and Economic Environment - Approximately 40% of the debt in the Russell 2000 is variable, suggesting that previous Federal Reserve interest rate hikes have already been factored into the market [2] - The earnings potential of small-cap companies is expected to outweigh concerns regarding interest rates, particularly with the 10-year Treasury yield being monitored at the 4.5% level [2] Group 3: X3 Holdings Co. Ltd. (NASDAQ:XTKG) - X3 Holdings has entered the AI healthcare sector by partnering to manage global operations of an AI-powered healthcare smartwatch, aiming to shift healthcare from passive treatment to proactive management [7][10] - The smartwatch is designed to monitor and regulate emotional and neurological balance, utilizing a non-invasive brainwave sensing chip and cloud-based AI analytics to create a closed-loop system for health management [8][9] - X3 Holdings anticipates generating revenue from its first service contract under this agreement starting in March 2026 [10] Group 4: Wheels Up Experience Inc. (NYSE:UP) - Wheels Up Experience reported its first positive Adjusted EBITDAR of $37 million for Q4 2025, marking a 67% year-over-year improvement in net loss, despite total revenue remaining flat at $184 million [12] - The company achieved a 99% completion rate and 91% on-time performance, supported by a sale-leaseback transaction that generated $30 million in net cash proceeds [13] - Wheels Up is enhancing passenger experience by installing high-speed satellite Wi-Fi across its aircraft, with nearly full fleet coverage expected by the end of 2026 [14]

Summary of Wheels Up Experience FY Conference Call Company Overview - **Company**: Wheels Up Experience (NYSE: UP) - **Industry**: Private Aviation - **Business Model**: Membership-based and global charter brokerage Key Points Business Evolution - Wheels Up has evolved from a U.S.-based membership business to a global company with two main segments: programmatic membership in the U.S. and a global charter business, being the largest global charter broker [4][5] - The company has a strategic partnership with Delta Air Lines, integrating private and commercial aviation offerings [5] Fleet Transition - The fleet is transitioning from legacy Citation jets to a modern fleet of Phenom 300s and Bombardier Challenger 300s and 350s, with 40% of the transition completed and expected to finish by the end of 2026 [7][8] - This transition aims to reposition the company towards a more premium and corporate-centric market [8] Revenue Model - Membership revenue is approximately $600 million annually, with a membership fee of $500 per month or $6,000 per year [10][12] - The charter business also generates around $600 million in net revenue, leading to a total revenue of approximately $1.2 billion [14][15] Financial Performance - The U.S. operations currently have a gross margin of 19%, with a goal of achieving 30%+ contribution margins post-fleet transition [16][20] - The company reported a positive EBITDA for the first time, reversing a previous loss of over $200 million annually [19][68] Cost Management - Inflation impacts various costs, including labor and fuel, but the company has been able to pass these costs through to customers due to strong demand [22] - The company does not have a pilots' union, which may provide flexibility in managing labor costs [21] Strategic Partnership with Delta - The partnership with Delta allows Wheels Up to market to Delta's 40,000 corporate customers, enhancing their corporate sales segment, which has grown at a compound rate of 25% [24] - Delta's SkyMiles loyalty program presents additional opportunities for customer acquisition [25] Market Position and Competition - Wheels Up positions itself uniquely in the market, combining membership and charter services, unlike competitors who operate in silos [52] - Major competitors include NetJets, FlexJet, and VistaJet, but Wheels Up aims to capture market share from the fractional ownership model by offering more flexible solutions [53] Future Growth and Goals - The company aims to increase operational efficiency, targeting 70+ hours of revenue per month per plane, which could significantly enhance profitability [66] - Long-term goals include transitioning to a more traditional public equity base and attracting new investors as the company matures [71] Customer-Centric Approach - The company emphasizes a customer-centric model, tailoring aviation solutions to meet specific customer needs, which is expected to enhance customer experience and retention [46][48] Operational Strategy - The company is balancing its customer base between corporate and leisure clients to optimize fleet utilization [41][42] - The charter business operates globally, with a presence in major markets including the U.S., Europe, and Asia [44] Additional Insights - The integration of sales teams from membership and charter services aims to streamline customer interactions and improve service delivery [49][51] - The company is focused on creating a flexible and accessible private aviation experience, addressing historical barriers to entry in the market [36]

Core Insights - Wheels Up Experience Inc. reported significant improvements in its financial performance for Q4 2025, achieving its first-ever positive Adjusted EBITDAR and a 67% reduction in net loss year-over-year [1][2]. Financial Performance - The company ended the quarter with liquidity of $234 million, including $134 million in cash and cash equivalents, and an undrawn $100 million revolving credit facility [1]. - Adjusted Contribution was $35 million, with a margin of 19.1%, remaining roughly flat compared to the previous year, impacted by fleet modernization inefficiencies [1][2]. - Gross profit for the quarter was $13 million, affected by approximately $9 million in non-recurring fleet modernization expenses [1]. - Positive Adjusted EBITDA reached $33 million, and Adjusted EBITDAR was $37 million, both improving by over $40 million year-over-year [1][2]. - The net loss was $29 million, a 67% improvement from the previous year, attributed to a stronger mix of profitable membership and charter flying, exiting unprofitable fleets, and one-time gains from aircraft sale-leaseback transactions [1][2]. Revenue and Bookings - Total Revenue for the quarter was $184 million, flat sequentially and down 10% year-over-year, due to discontinued membership programs and lower group charter sales [1][2]. - Private jet flight revenue increased by 4% sequentially from Q3 and remained flat year-over-year [1]. Operational Highlights - The company achieved a Completion Rate of 99% and an On-Time Performance (D-60) of 91%, both showing improvements from the prior period [2]. - Corporate Membership Fund sales grew by 35% year-over-year, with corporate membership being the fastest-growing segment [1][2]. - The Signature Membership program saw robust customer response, with over 600 memberships sold since its launch, representing more than 40% of total Membership Fund sales for the quarter [1][2]. Strategic Initiatives - Wheels Up executed a strategic sale-leaseback transaction for ten aircraft, generating a one-time gain of approximately $24 million and net cash proceeds of about $30 million [1]. - The company began installing high-speed satellite Wi-Fi on its fleet, with plans to complete installations by the end of the year due to strong customer demand [1]. - The fleet transition is expected to be completed ahead of the original mid-2027 timeline, with approximately half of the premium jet fleet undergoing branding and refurbishment by the end of 2026 [1][2]. Market Positioning - The company has unified its global aviation platform under one brand, enhancing customer experience and operational efficiency [1]. - The partnership with Delta Air Lines continues to provide unique competitive advantages, contributing to the growth in corporate membership [1].

Volkswagen's EV Production Strategy - Volkswagen is considering shifting the production of the Cupra Tavascan successor to Europe from China, indicating a potential strategic realignment in its electric vehicle manufacturing [2][9] - The current Cupra Tavascan is produced in China for export to Europe, and this move suggests a re-evaluation of global supply chains amidst changing geopolitical and trade conditions [2][3] Icertis Sale Consideration - SoftBank-backed Icertis is reportedly exploring a sale that could value the company at $5 billion, reflecting significant activity in the technology sector [6][9] - Icertis has reported over $300 million in annual recurring revenue for 2024 and has generated positive free cash flow, indicating strong financial performance [7] China-EU Trade Relations - China has threatened to implement countermeasures against the European Union if new duties are adopted, which may include anti-dumping duties on French wine, amid escalating trade tensions [8][9] - China's auto sales experienced a 19.5% year-on-year decline in January, falling to 1.4 million vehicles, attributed to policy adjustments and reduced government support for electric vehicles [10][9] UK Economic Strategy - The Chief Finance Minister of the UK is advocating for closer integration with the EU as the best pathway for economic growth, prioritizing this over ties with the U.S. and China [11][9] - Research suggests that aligning regulations with the EU could boost the UK's GDP by 1.7% to 2.2%, potentially mitigating the economic impact of Brexit [12]

Core Insights - HansJet members will remain exempt from the UK's upcoming 50% Air Passenger Duty (APD) increase due to the weight profile of their Pilatus PC-12 fleet [1][3][4] Group 1: Regulatory Changes - A new 50% APD increase will be implemented in April 2026 for private aircraft over 20 tonnes, with charges reaching £1,141 per passenger on long-haul routes [3][13] - From April 2027, the higher APD rate will extend to all aircraft weighing over 5.7 tonnes [3][13] - The Pilatus PC-12 has a maximum take-off weight of 4.7 tonnes, ensuring complete exemption for HansJet members from both phases of the tax increase [3][13] Group 2: Environmental Regulations - The EU's ReFuelEU Aviation mandate requires a minimum 2% Sustainable Aviation Fuel (SAF) blend for flights departing EU airports starting January 2025, increasing to 6% by 2030 [4][13] - Heavier jets will face increased taxes and elevated fuel compliance costs due to these regulations [4] Group 3: Operational Advantages - The PC-12's fuel efficiency allows it to burn approximately 50% of the fuel consumed by comparable light jets, resulting in lower SAF compliance costs for HansJet members [5][13] - The aircraft's short-field capability enables access to over 3,000 European runways, including smaller regional airports [5][12] Group 4: Market Trends - The European private aviation sector is experiencing steady growth, with leisure travel now comprising 45% of flights, up from 37% pre-pandemic [6] - Analysts expect the upcoming regulatory changes to drive interest in lighter, more fuel-efficient aircraft as operators assess long-term cost implications [6] Group 5: Membership Benefits - HansJet's membership program offers fixed hourly pricing, guaranteed availability, and no ownership burden, providing cost transparency in a changing regulatory landscape [7] - Members benefit from lower taxes, lower fuel costs, and lower emissions, enhancing the appeal of private aviation [8]

Core Insights - Wheels Up Experience Inc. has announced the addition of NCAA National Champion and 2025 Heisman Trophy winner Fernando Mendoza to its Ambassador community, highlighting the company's focus on serving elite athletes with flexible travel solutions [1][4] Company Overview - Wheels Up is a leading global provider of on-demand private aviation, offering a diverse fleet and a network of safety-vetted charter operators committed to safety and service [5] - The company provides access to charter and membership programs, as well as premium commercial travel benefits through a strategic partnership with Delta Air Lines [5] Customer-Centric Approach - Mendoza and his family were attracted to Wheels Up for its customer-centric aviation approach, modernized fleet, and hybrid travel model that allows seamless transitions between private and commercial flying [2] - The integrated travel model is particularly beneficial for families with unique needs, such as Mendoza's mother, who requires a thoughtful travel solution due to her health condition [2][4] Brand Alignment and Values - CEO George Mattson emphasized that Mendoza exemplifies leadership and family values, aligning with Wheels Up's mission to support members with flexible travel solutions [3] - The company aims to remove barriers for its customers, allowing them to focus on what matters most, which resonates with Mendoza's family-first philosophy [3] Engagement and Community - As a Wheels Up Ambassador, Mendoza will engage with the community through select experiences, reflecting the company's commitment to serving athletes and their families with tailored aviation solutions [4]

Core Insights - McLaren Racing has announced a multi-year partnership with ONEflight International, designating them as the Official Private Aviation Partner for the McLaren Mastercard Formula 1 Team, emphasizing shared values of precision performance and innovation [1][4] Company Overview - McLaren Racing was founded in 1963 and has a rich history in motorsport, including 23 Formula 1 world championships and over 200 Grand Prix victories [5] - ONEflight International, established in 2010, is a global aviation company that provides seamless access to a network of private aircraft, enhancing its booking technology through BAJit [2][7] Partnership Details - The partnership will leverage ONEflight's travel solutions as McLaren prepares for the 2026 Formula 1 season, with ONEflight branding featured on race cars and driver suits [3] - Both companies aim to create luxury activations globally, enhancing the experience for McLaren's team and ONEflight's members [3][4] Strategic Goals - McLaren Racing is committed to sustainability, aiming for net zero emissions by 2040, and fostering diversity and inclusion within the motorsport industry [7] - ONEflight is positioned as a market leader in luxury private jet travel, with over 700 aircraft charter operator partnerships and a network of 7,000 private jets worldwide [7]

Core Insights - Jetex, under the leadership of Adel Mardini, has transformed the private aviation market, expanding from a single location to a network of 38 locations globally, with plans to reach 75 by the end of next year [1][9] - The company's focus has shifted from growth and aesthetics to operational efficiency, aiming to eliminate time loss in the private travel experience [2][21] Expansion and Market Positioning - Jetex is increasingly concentrating on the "last mile" of private travel, addressing inefficiencies that occur after landing, such as ground transfers that can take one to two hours [3][4] - The company is entering the eVTOL sector through partnerships with Archer and Joby Aviation, positioning itself as a key player in air taxi operations, which is expected to grow into a market worth over $200 billion in the next 10 to 15 years [5][6] Client Demographics and Expectations - The profile of Jetex's typical client has shifted post-COVID-19, with the average passenger now aged between 25 and 55, coming from sectors like technology, crypto, and entertainment, indicating a demand for speed, privacy, and seamless experiences [10][11] - Clients are increasingly time-sensitive and expect the same level of efficiency on the ground as they experience in the air [12] Sustainability and Infrastructure - Jetex has successfully introduced sustainable aviation fuel (SAF) at events like the Dubai Airshow, indicating strong demand for eco-friendly options among corporate clients [13][14] - The company has been appointed as the exclusive fixed-base operator at Red Sea International Airport, marking a significant growth opportunity in Saudi Arabia, with plans to replicate its Dubai model across new locations [15][16] Technological Integration and Operations - Jetex operates a centralized system from Dubai that coordinates global operations, ensuring rapid service delivery across its network [18] - The company emphasizes that technology enhances human efficiency rather than replacing it, aiming to provide a personal aviation team experience for clients as it expands [19][20]