Global Crossing Airlines Group (JET) investor relations material

Business overview and growth

• Fastest-growing charter airline in the U.S., operating Airbus aircraft on a charter basis since 2021 certification.

• Fleet expanded from 1 to 20 aircraft, with 18 currently authorized to fly; growth paused in 2024 due to high lease rates, with plans to resume as rates normalize.

• Holds key certifications (FAA 121, IOSA, EASA TCO, Department of Defense) enabling domestic and international operations and government contracts.

• Largest U.S. charter operator, with a focus on ACMI (Aircraft Crew Maintenance and Insurance) and charter services.

• Operates three crew bases (Miami, Alexandria, Harlingen) to improve competitiveness and efficiency.

Financial performance and metrics

• Q3 revenue was $58 million with $18.9 million EBITDA, flying 9,900 block hours and averaging 600 hours per aircraft.

• EBITDA is the preferred valuation metric due to differences in aircraft ownership and lease accounting.

• Profitability measured by operating income per aircraft per month ($300,000–$400,000 target).

• Revenue mix between ACMI and charter affects top-line figures but not bottom-line profit; block hours operated is the key activity metric.

• Eight aircraft on government contracts with minimum guarantees since April 2024, supporting stable cash flow.

Strategic positioning and risk management

• Focused on maintaining a young, well-maintained fleet and disciplined capital structure, avoiding excessive debt.

• Pays maintenance reserves on leased aircraft, ensuring funds for heavy maintenance and avoiding liquidity crises.

• Flexible approach to owning vs. leasing aircraft, evaluating each transaction based on market conditions and capital costs.

• Employee ownership is significant, with about 10% of shares held by employees and additional shares via purchase plans.