Earnings release
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. Cirrus Aircraft Limited ʮ̡ (Incorporated in the Cayman Islands with limited liability) (Stock Code: 2507) 2026 INTERIM RESULTS ANNOUNCEMENT The board (the “Board”) of directors (the “Directors”) of Cirrus Aircraft Limited (the “Company”) hereby announces the unaudited condensed consolidated interim results of the Company and its subsidiaries for the six months ended June 30, 2026. This announcement, containing the full text of the 2026 interim report of the Company (the “2026 Interim Report”), complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) in relation to information to accompany preliminary announcements of interim results. These interim results have been reviewed by the Audit, Risk Control and Compliance Committee of the Board. This interim results announcement is published on the websites of the Stock Exchange at www.hkexnews.hk and of the Company at https://cirrusaircraft.com. The 2026 Interim Report will be published on the same websites in due course. By order of the Board Cirrus Aircraft Limited ʮ̡ Mr. Lei YANG Chairman and Non-Executive Director Hong Kong, August 26, 2026 As at the date of this announcement, the Board comprises Mr. Lei YANG as the chairman and non-executive Director; Mr. Hui WANG as the vice-chairman and executive Director; Mr. Liang LIU and Mr. Yihui LI as non-executive Directors; Mr. Zean Hoffmeister Vang NIELSEN as executive Director; and Mr. Ian H CHANG, Mr. Chung Man Louis LAU and Ms. Ferheen MAHOMED as independent non-executive Directors.
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Definitions 2 Corporate Information 9 Financial and Business Highlights 11 Business Review 13 Business Development 15 Management Discussion & Analysis 16 Corporate Governance and Other Information 26 Report on Review of I nterim F inancial Information 33 Condensed Consolidated Statement of Profit or Loss 35 Condensed Consolidated Statement of Comprehensive Income 36 Condensed Consolidated Statement of Financial Position 37 Condensed Consolidated Statement of Changes in Equity 39 Condensed Consolidated Statement of Cash Flows 40 Notes to the Condensed Consolidated Interim Financial Information 42 Contents
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Definitions 2 Cirrus Aircraft Limited Interim Report 2026 In this interim report, unless the context otherwise requires, the following terms have the following meanings. The following contains definitions of certain terms used in connection with our Company and our business. Some of these may not correspond to standard industry definitions or usage of these terms. “AG Huanan” AVIC General Huanan Aircraft Industry Co., Ltd* (中航通飛華南飛機工業有限公司 ), a limited liability company established in the PRC on July 17, 2012, a wholly-owned subsidiary of CAIGA, our Controlling Shareholder, and therefore a connected person of our Company “AG Services” AVIC GENERAL Service Co., Ltd.* (珠海中航通用飛機客戶 服務有限公司 ), a limited liability company established in the PRC on December 29, 2015, a wholly-owned subsidiary of CAIGA, our Controlling Shareholder, and therefore a connected person of our Company “AG Zhejiang” China Aviation Industry General Aircraft Zhejiang Institute Co., Ltd.* ( 浙江中航通飛研究院有限公司 ), a limited liability company established in the PRC on July 4, 2017, a wholly-owned subsidiary of CAIGA, our Controlling Shareholder, and therefore a connected person of our Company “Aircraft” our revenue stream including SR Series and Vision Jet aircraft “Articles” or “Articles of Association” the articles of association of the Company as amended from time to time “Audit, Risk Control and Compliance Committee” the audit, risk control and compliance committee of the Board “AVIC” Aviation Industry Corporation of China, Ltd.* (中國航空工 業集團有限公司 ), a limited liability company incorporated in the PRC on November 6, 2008, one of our Controlling Shareholders “backlog” the total amount of SR Series and Vision Jet orders and reservations for aircraft not yet delivered to customers “BIS” Bureau of Industry and Security of the U.S. Department of Commerce “Board Committees” collectively, the Audit, Risk Control and Compliance Committee, the Remuneration Committee and the Nomination Committee
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Definitions 3 Cirrus Aircraft Limited Interim Report 2026 “Board of Directors” or “Board” the board of Directors “CAIGA” China Aviation Industry General Aircraft Co., Ltd.* (中航通用飛機有限責任公司 ), a limited liability company incorporated in the PRC on February 6, 2009, one of our Controlling Shareholders “CAIGA Hong Kong” CAIGA (Hong Kong) Limited ( 中航通飛香港有限公司 ), a company incorporated in Hong Kong with limited liability on December 12, 2019, one of our Controlling Shareholders “CAPS” Cirrus Airframe Parachute System “CG Code” the “Corporate Governance Code” as contained in Appendix C1 to the Listing Rules “Chairman” the chairman of the Board “China” or “PRC” the People’s Republic of China “Cirrus Design” Cirrus Design Corporation, a corporation incorporated under the laws of the State of Wisconsin, United States in February 1987; and an indirect wholly-owned subsidiary of the Company “Cirrus Industries” Cirrus Industries, Inc., the surviving corporation pursuant to the merger among Legacy Cirrus Industries, CAIGA (US) Co., Ltd. and CAIGA Co., Ltd. in December 2022; it was incorporated under the laws of the State of Delaware, United States, and is a direct wholly- owned subsidiary of the Company “Cirrus IQ” our connected digital platform and mobile application which collects a wide range of flight data and aircraft data during flight to provide pilots useful data on their aircraft “Cirrus Services and Other” our revenue stream including a wide-ranging service and experience offering. Consisting of a wide variety of products and services including but not limited to sales of after market parts, service sales, warranty sales, aircraft management, and training sales and revenue from a related party
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Definitions 4 Cirrus Aircraft Limited Interim Report 2026 “Company”, “our Company”, or “Cirrus” Cirrus Aircraft Limited (西銳飛機有限公司 ) (Stock Code: 2507), an exempted company incorporated in the Cayman Islands with limited liability on December 13, 2019 “Comprehensively Sanctioned Countries” any country or territory subject to a comprehensive export, import, financial or investment embargo under sanctions related law or regulation of the Relevant Jurisdiction, currently Cuba, Iran, North Korea, Syria, and the Crimea, the self-proclaimed Luhansk People’s Republic and Donetsk People’s Republic, Zaporizhzhia and Kherson regions of Ukraine “Continental” Continental Aerospace Technologies, Inc. (formerly known as Continental Motors, Inc.), a corporation incorporated under the laws of Delaware on December 6, 2001. Continental is a wholly-owned subsidiary of Continental Aerospace Technologies Holding Limited (大陸航空科技控股有限公司 ), a company incorporated in Bermuda with limited liability and listed on the Stock Exchange (stock code: 232). As of June 30, 2026, Continental Aerospace Technologies Holding Limited was indirectly held at over 30% by AVIC, our Controlling Shareholder, and therefore Continental is a connected person of our Company “Controlling Shareholders” has the meaning ascribed to it under the Listing Rules and unless the context otherwise requires, refers to AVIC, CAIGA and CAIGA Hong Kong “CSAs” Cirrus sales agents, a network of independent third- party agents that support our international sales efforts and may also provide after-sales services to customers including aircraft maintenance and parts sourcing “CSRC” China Securities Regulatory Commission (中國證券監督管 理委員會 ) “Dakota Aircraft” Dakota Aircraft Corporation, a corporation incorporated under the laws of North Dakota on July 28, 2014, and an indirect wholly-owned subsidiary of the Company “Director(s)” the director(s) of the Company or any one of them “EAR” Export Administration Regulations in Title 15 of the Code of Federal Regulations Parts 730–744
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Definitions 5 Cirrus Aircraft Limited Interim Report 2026 “EBITDA” earnings before interest, taxes, depreciation and amortization “Extended Warranty Contracts” the contracts entered into between Cirrus Design and Continental in relation to the extended warranty for certain engines supplied by Continental “Free Cash Flow” Non-IFRS measure representing net cash provided by operating activities less capital expenditures “FVPL” Fair Value Through Profit or Loss “Global Offering” the Hong Kong public offering and international offering as described in the Prospectus “Group”, “we”, “our”, “our Group” or “us” the Company and its subsidiaries from time to time “HK dollars” or “HK$” Hong Kong dollars, the lawful currency of Hong Kong “Hong Kong” the Hong Kong Special Administrative Region of the People’s Republic of China “IFRS” or “IFRSs” IFRS Accounting Standards, as issued from time to time by the International Accounting Standards Board “independent third party(ies)” any entity or person who is not a connected person of our Company within the meaning ascribed thereto under the Listing Rules “International Sanctions” all applicable laws and regulations related to economic sanctions, export controls, trade embargoes and wider prohibitions and restrictions on international trade and investment related activities, including those adopted, administered and enforced by the U.S. government, the European Union and its member states, the United Nations, the United Kingdom, or Government of Australia “IT” information technology “Legacy Cirrus Industries” Cirrus Industries, Inc., a corporation incorporated under the laws of Delaware on February 13, 1996, which was merged with and into CAIGA (US) Co., Ltd. and CAIGA Co., Ltd. in December 2022
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Definitions 6 Cirrus Aircraft Limited Interim Report 2026 “Listing” the listing of the Shares on the Main Board of the Stock Exchange “Listing Date” July 12, 2024, on which the Shares were listed and from which dealings therein were permitted to take place on the Stock Exchange “Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (as amended from time to time) “Main Board” the stock exchange (excluding the option market) operated by the Stock Exchange which is independent from and operates in parallel with the Growth Enterprise Market of the Stock Exchange “Management Team” or “Management” the senior management members appointed by the Board of Directors from time to time “Military End-User List” a list of names maintained by the BIS that identifies foreign parties that are prohibited from receiving items described in the EAR in supplement no. 2 to part 744 of the EAR unless the exporter secures a license “Model Code” the “Model Code for Securities Transactions by Directors of Listed Issuers” set out in Appendix C3 to the Listing Rules “Nomination Committee” the nomination committee of the Board “OFAC” U.S. Department of the Treasury’s Office of Foreign Assets Control “Orders” gross aircraft orders minus cancellations “Over-allotment Option” the option pursuant to which our Company may be required to allot and issue additional shares, as described in the section headed “Underwriting — International Offering — Over-allotment Option” in the Prospectus, which has been partially exercised on August 8, 2024 “Prospectus” the prospectus of the Company dated June 28, 2024 “R&D” research and development
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Definitions 7 Cirrus Aircraft Limited Interim Report 2026 “Regions subject to International Sanctions” any country or territory that is either a Comprehensively Sanctioned Country or is subject to a more limited set of export, import, financial or investment restrictions under sanctions related laws or regulation of the Relevant Jurisdiction “Relevant Jurisdiction” any jurisdiction that is relevant to the Company and has sanctions related law or regulation restricting, among other things, its nationals and/or entities which are incorporated or located in that jurisdiction from directly or indirectly making assets or services available to or otherwise dealing in assets of certain countries, governments, person or entities targeted by such law or regulation. For the purpose of this interim report, Relevant Jurisdictions include the United States, EU, UN, the United Kingdom and Australia “Remuneration Committee” the remuneration committee of the Board “Reporting Period” the six-month period from January 1, 2026 to June 30, 2026 “Safe Return Emergency Autoland” or “Safe Return” an emergency auto-landing system, activated by a single touch of a button, which commands the aircraft to navigate to a suitable nearby airport and land autonomously in the event incapacitation or other emergency “Sanctioned Person(s)” certain person(s) and identity(ies) listed on OFAC’ s Specially Designated Nationals and Blocked Persons List or list of other restricted parties maintained by the U.S., the European Union, the United Nations, the United Kingdom or Australia “Securities Policy” our own code of conduct regarding securities transactions, namely the securities policy for management, directors and public float “SFC” the Securities and Futures Commission of Hong Kong “SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as amended, supplemented or otherwise modified from time to time “Share(s)” ordinary share(s) in the share capital of our Company with a par value of US$0.50 each “Shareholder(s)” holder(s) of Shares
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Definitions 8 Cirrus Aircraft Limited Interim Report 2026 “Stock Exchange” The Stock Exchange of Hong Kong Limited “TRAC10” our purpose-built, clean-sheet design aircraft to transform the professional flight training market “United States” or “U.S.” the United States of America “U.S. dollars” or “US$” the lawful currency of the United States. The Group’s reporting currency is US$, which is also the primary functional currency of the Group’s principal operating entities. The Group predominantly generates revenues, incurs costs, holds cash and cash equivalents, and manages borrowings in US$ “%” Percent In this interim report, unless otherwise indicated, the terms “associate” , “associated corporation” , “connected person” , “connected transaction(s)” , “controlling shareholder”, “subsidiary” and “substantial shareholder” shall have the meanings given to such terms in the Listing Rules. Unless otherwise specified, certain amounts and percentage figures included in this interim report have been subject to rounding. Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures preceding them. Any discrepancies in any table or chart between the total shown and the sum of the amounts listed are due to rounding. The English names of PRC nationals, enterprises, departments, facilities, certificates, regulations, titles and the like marked with “*” are translations of their Chinese names and are included in this interim report for identification purpose only, and should not be regarded as their official English translation. In the event of any inconsistency, the Chinese name will prevail.
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Corporate Information 9 Cirrus Aircraft Limited Interim Report 2026 BOARD OF DIRECTORS Mr. Lei YANG (楊雷 ) (Non-executive Director and Chairman of the Board of Directors) Mr. Hui WANG (王暉 ) (Executive Director and vice Chairman of the Board of Directors) Mr. Qingchun SONG (宋慶春 ) (Non-executive Director) (Resigned with effect from August 14, 2026) Mr. Liang LIU (劉亮 ) (Non-executive Director) Mr. Yihui LI (李屹暉 ) (Non-executive Director) Mr. Zean Hoffmeister Vang NIELSEN (Executive Director and chief executive officer) Mr. Ian H CHANG (張仁爀 ) (Independent non-executive Director) Mr. Chung Man Louis LAU (劉仲文 ) (Lead Independent non-executive Director) Ms. Ferheen MAHOMED (alias: 馬穎欣 ) (Independent non-executive Director) JOINT COMPANY SECRETARIES Mr. Wei PI (皮巍 ) Ms. Hoi Ting WONG (黃凱婷 ) (Resigned with effect from February 10, 2026) Mr. Chun Kit CHAN (陳鎮傑 ) (Appointed with effect from February 10, 2026) AUTHORIZED REPRESENTATIVES Mr. Hui WANG (王暉 ) Ms. Hoi Ting WONG (黃凱婷 ) (ACG, HKACG) (Resigned with effect from February 10, 2026) Mr. Chun Kit CHAN (陳鎮傑 ) (Appointed with effect from February 10, 2026) AUDIT, RISK CONTROL AND COMPLIANCE COMMITTEE Mr. Liang LIU (劉亮 ) Mr. Chung Man Louis LAU (劉仲文 ) (Chairperson) Ms. Ferheen MAHOMED (alias: 馬穎欣 ) REMUNERATION COMMITTEE Mr. Qingchun SONG (宋慶春 ) (Resigned with effect from August 14, 2026) Mr. Liang LIU (劉亮 ) (Appointed with effect from August 26, 2026) Mr. Ian H CHANG (張仁爀 ) (Chairperson) Mr. Chung Man Louis LAU (劉仲文 ) NOMINATION COMMITTEE Mr. Lei YANG (楊雷 ) (Chairperson) Mr. Ian H CHANG (張仁爀 ) Ms. Ferheen MAHOMED (alias: 馬穎欣 )
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Corporate Information 10 Cirrus Aircraft Limited Interim Report 2026 AUDITOR PricewaterhouseCoopers Certified Public Accountants Registered Public Interest Entity Auditor 22/F, Prince’s Building Central, Hong Kong (retired on June 26, 2026) KPMG Certified Public Accountants Public Interest Entity Auditor registered in accordance with the Accounting and Financial Reporting Council Ordinance 8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong (appointed on June 26, 2026) REGISTERED OFFICE Maples Corporate Services Limited PO Box 309, Ugland House Grand Cayman, KY1-1104 Cayman Islands ADDRESS OF HEAD OFFICE IN THE U.S. 4515 Taylor Circle Duluth Minnesota, 55811 United States PRINCIPAL PLACE OF BUSINESS IN HONG KONG Unit 2, 7/F., Tung Ming Industrial Building 3 San Yick Lane Tuen Mun Hong Kong HONG KONG LEGAL ADVISER Allen Overy Shearman Sterling 9th Floor, Three Exchange Square Central Hong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Maples Fund Services (Cayman) Limited PO Box 1093, Boundary Hall Cricket Square Grand Cayman, KY1-1102 Cayman Islands HONG KONG SHARE REGISTRAR Computershare Hong Kong Investor Services Limited Shops 1712–1716 17th Floor Hopewell Centre 183 Queen’s Road East Wan Chai Hong Kong STOCK CODE 2507 WEBSITE https://cirrusaircraft.com/
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Financial and Business Highlights 11 Cirrus Aircraft Limited Interim Report 2026 • In February 2026, we launched the G3 version of our Vision Jet which brought a reimagined interior with expanded seating option for six adults, ATC Datalink and over 30 refinements. • Revenue for the six months ended June 30, 2026 was US$737 million as compared to US$594 million for the same period in 2025 representing an increase of 24.0%. • Revenue from Aircraft for the six months ended June 30, 2026 was US$617 million as compared to US$498 million for the same period in 2025 representing an increase of 23.8%. • Revenue from Cirrus Services and Other for the six months ended June 30, 2026 was US$120 million as compared to US$96 million for the same period in 2025 representing an increase of 25.0% period-over-period. • The Company maintained a strong backlog of 1,059 due to continued strong order demand from the launch of our G7+ of the SR2X Series, the G3 of the Vision Jet, and the introduction of our TRAC10. Orders and reservations increased by 157 units on a period-over-period basis, from 241 in the six months ended June 30, 2025, to 398 in the six months ended June 30, 2026. • Total gross profit for the six months ended June 30, 2026 was US$267 million as compared to US$215 million for the same period in 2025 representing an increase of 24.2%, with a gross profit margin consistent with the same period in 2025. • Operating profit margin for the six months ended June 30, 2026 stood at 14.9% as compared to 14.1% for the same period in 2025, which is among the best in the industry, and represents an increase of 0.8% period-over-period. • Adjusted EBITDA rose approximately 33.6% period-over-period to US$136 million as compared to US$102 million for the same period in 2025. • Total net income for the six months ended June 30, 2026 was US$88 million as compared to US$65 million for the same period in 2025 representing an increase of 35.6%. • Free Cash Flow after the use of working capital and investment amounted to approximately US$74.7 million. The table below sets forth a summary of the results and of the assets and liabilities of the Group for the periods indicated:
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Financial and Business Highlights 12 Cirrus Aircraft Limited Interim Report 2026 RESULTS Period ended June 30, Percentage increase/ (decrease) 2026 2025 US$’ 000 US$’ 000 (unaudited) (unaudited) Revenue 736,995 594,488 24.0% Gross profit 267,003 215,003 24.2% Operating profit 109,756 84,078 30.5% Profit before tax 109,049 82,108 32.8% Profit for the period 88,123 64,966 35.6% ASSETS AND LIABILITIES As of June 30, 2026 As of December 31, 2025 Percentage increase/ (decrease) US$’ 000 US$’ 000 (unaudited) (audited) Total Assets 1,594,710 1,460,514 9.2% Total Liabilities 666,277 576,280 15.6%
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Business Review 13 Cirrus Aircraft Limited Interim Report 2026 We design, develop, manufacture and sell premium aircraft recognized across the personal aviation industry, which incorporate innovations in safety, technology, connectivity, performance, and comfort. The SR Series and Vision Jet, have successfully set the industry standard for owner-piloted aircraft and are currently certified and validated in more than 60 countries. In the first half of 2026, we launched the brand-new G3 Vision Jet, the next generation of our Collier Award winning aircraft, featuring over 30 product enhancements. We provide a wide range of products and services which include maintenance, upgrades, training, pilot services, Cirrus IQ connectivity, and e-commerce. Since our inception in 1984 in Wisconsin, United States, we have delivered over 11,000 SR2X Series aircraft and over 750 Vision Jet aircraft. As part of our wide- ranging product offering strategy, our SR2X Series consists of an entry level aircraft, the SR20, as well as the SR22 and SR22T, both of which offer increasing levels of performance and capabilities addressing different customer needs and preferences for a single-engine piston aircraft. SR2X Series aircraft can typically carry up to four adults and one child. The Vision Jet targets a different and more premium segment of the personal aviation market and offers significantly enhanced performance, capabilities and specifications at a higher price point. Our Vision Jet is designed for owners to fly at jet speed without requiring support from a full-time professional pilot or flight department. The Vision Jet can typically carry up to five adults and two children. In July 2026, the Group announced the TRAC10, a new entry-level training aircraft based on a clean-sheet design. The TRAC10 is intended for professional flight training organizations and has been designed with features and operating characteristics tailored to flight training applications. The introduction of the TRAC10 expands the Group’s product portfolio in the flight training market. Our design philosophy puts customers at the center, elevating every aspect of the aviation experience. We surround operators and passengers with industry- leading safety, intuitive services, advanced high-performance technology, and seamless connectivity–each crafted for ease of use, comfort, and personalization. Every design element works together to deliver an exceptionally integrated and convenient product experience. Both the SR Series and the Vision Jet come equipped with our two signature safety technologies: the Cirrus Airframe Parachute System® (CAPS®), which has saved more than 300 lives since its introduction in 1999, and Safe Return™, an emergency autoland system that enables any passenger to safely land the aircraft at the touch of a button in the event of pilot incapacitation. Our safety innovations extend far beyond these systems, incorporating a wide range of active and passive protections designed to mitigate hazards such as loss of control, mid-air collisions, engine power loss, pilot incapacitation, controlled flight into terrain, adverse weather, and runway incursions. Combined with our award-winning training programs — Cirrus Approach® and Cirrus Embark® — and our highly engaged owner community, these advancements have helped Cirrus achieve one of the safest accident records in U.S. general aviation. Our total accident rate per 100,000 flight hours is three times lower than the industry average.
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Business Review 14 Cirrus Aircraft Limited Interim Report 2026 Since inception, we have focused on a “close-to-customer” sales model as an enterprise priority, expanding this model to cover both the United Kingdom and France. Under this model, we are able to quickly respond to customer needs and ensure a close connection between our prospective and existing owners and operators in each aspect of the aircraft sales process, including dedicated salesperson, product demonstration, contracting, finance, insurance, and delivery, making Cirrus aircraft ownership convenient and efficient. We have also established a sales presence in more than 36 countries around the world through our sales agents and CSAs, enabling us to reach customers on a global scale. Our sales network consists of our in-house direct sales team based in the United States, Canada, United Kingdom and France. At the beginning of each year, we enable our sales team with new demonstration aircraft model to illustrate benefits to customers. As these units are typically delivered to customers at the end of the year, it usually creates some seasonality in our business, particularly in the first and fourth quarters. Because of this customer approach, we require all of our sales team to be experienced pilots qualified to provide flight demonstrations directly to customers. We have developed a wide-ranging global post-sale ownership and support ecosystem that makes owning and operating our aircraft as convenient to access as owning and operating a car. Through our dedicated business unit, “Cirrus Services” and adjacent products and solutions, we provide service and support, maintenance, parts fulfillment, flight training, pilot services and aircraft management services that collectively enable easy aircraft ownership. Our Vision Center in Knoxville, Tennessee provides the flagship customer experience, including aircraft delivery, personalization consultations, flight training, maintenance and parts fulfillment, and complete aircraft management services.
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Business Development 15 Cirrus Aircraft Limited Interim Report 2026 Since inception up to June 30, 2026, we had delivered over 11,000 SR2X Series aircraft and over 750 Vision Jet aircraft. As of June 30, 2026, we had a backlog of 1,059 aircraft, including approximately 193 reservations for the Vision Jet. Further, our net orders increased for both the SR series and Vision Jet combined for the six months ended June 30, 2026 by a total of 157 units from 241 for the six months ended June 30, 2025 to 398 for the six months ended June 30, 2026, partly attributable to the continued success of the G7+ line, presales of the new TRAC10 training aircraft, as well as the continuation of the product ladder between the two product lines and the growing ecosystem around the ownership experience. As of June 30, 2026, we had established a sales presence in more than 36 countries through our sales agents and CSAs, enabling us to reach our customers globally. We have been continuously renewing our product portfolio since our inception, which we believe is a key driver to sustaining the growth of our business and to continue providing a premium experience for our customers. Our key capabilities are being able to develop innovative safety features and design, our proficiency with advanced materials, our ability to get aircraft certified in a highly regulated environment and bring them to market and our ability to successfully integrate advanced technologies and materials. These capabilities create an expertise in product development and innovation that gives us a competitive advantage. We view the production and delivery of our aircraft as the beginning of a lifelong relationship with our customers. In 2018, we introduced Cirrus Services, a customer-centric business unit designed to provide lifestyle-driven solutions across flight training, aircraft maintenance and management, and financing — serving owners and operators with a wide range of personal aviation needs. Cirrus Services addresses the challenges of a fragmented general aviation market by offering cohesive, end-to-end support throughout the entire aircraft ownership lifecycle. By pairing the seamless integration of our advanced technologies–which connect the aircraft directly to the pilot and their lifestyle — with the comprehensive resources available through Cirrus Services, we’ve created a holistic ecosystem that elevates customer satisfaction and strengthens brand loyalty. This direct-to-customer model is reinforced by our global reach: from inception through June 30, 2026, our products were delivered to customers in more than 55 countries and territories, and as of that date, we operated authorized service centers in 31 countries worldwide. For the six months ended June 30, 2026, we recorded an increase in the number of aircraft produced and in the number of aircraft delivered, as compared to the six months ended June 30, 2025, as we continue to increase the scale of our manufacturing production and supply chain capabilities. For the six months ended June 30, 2026, we produced 452 aircraft (388 SR2X Series aircraft and 64 Vision Jet) and delivered 405 aircraft (348 SR2X Series aircraft and 57 Vision Jet), as compared to 411 aircraft produced (360 SR2X Series aircraft and 51 Vision Jet) and 350 aircraft delivered (305 SR2X Series aircraft and 45 Vision Jet) for the six months ended June 30, 2025.
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Management Discussion & Analysis 16 Cirrus Aircraft Limited Interim Report 2026 OVERVIEW For the six months ended June 30, 2026 the Group recorded revenue of US$737.0 million, as compared with US$594.5 million for the six months ended June 30, 2025. The profit of the Group was US$88.1 million for the six months ended June 30, 2026, as compared with US$65.0 million for the six months ended June 30, 2025, primarily due to higher aircraft deliveries and growth in Cirrus Services and Other. The selling and marketing expenses of the Group were US$80.6 million for the six months ended June 30, 2026, as compared with US$63.6 million for the six months ended June 30, 2025. The general and administrative expenses were US$78.9 million for the six months ended June 30, 2026, as compared with US$70.0 million for the six months ended June 30, 2025. REVENUE For the six months ended June 30, 2026, we generated revenue of US$737.0 million, as compared with US$594.5 million for the six months ended June 30, 2025. During the six months ended June 30, 2026, we delivered 55 more aircraft (43 more SR2X and 12 more Vision Jet) as compared to the same period in 2025. The average sales price of our SR2X aircraft deliveries was approximately US$1.2 million compared to US$1.1 million in the same period in 2025. The average sales price of our Vision Jet aircraft deliveries was approximately US$3.6 million compared to US$3.5 million in the same period in 2025. During the six months ended June 30, 2026, revenue generated from Cirrus Services and Other increased by approximately US$24.1 million compared to the six months ended June 30, 2025. COST OF SALES Our cost of sales consists of material, labor and overhead and other costs, including the amortization of intangibles as we realize research and development projects, warranty costs and other minor variances, in the cost of sales for Aircraft. We include costs related to Cirrus Services, such as aftermarket parts, material and labor costs and other costs in our cost of sales for Cirrus Services and Other.
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Management Discussion & Analysis 17 Cirrus Aircraft Limited Interim Report 2026 For the six months ended June 30, 2026, cost of sales of the Group increased to US$470.0 million from US$379.5 million for the six months ended June 30, 2025, primarily attributable to increased aircraft deliveries and increased volume of sales of Cirrus Services. GROSS PROFIT AND GROSS PROFIT MARGIN Our gross profit represents our revenue less our cost of sales, and our gross profit margin represents our gross profit as a percentage of our revenue. For the six months ended June 30, 2026, our gross profit increased to US$267.0 million, from US$215.0 million for the six months ended June 30, 2025, primarily attributable to higher aircraft deliveries and growth in Cirrus Services and Other revenue streams. Our gross profit margin remained at 36.2% for the six months ended June 30, 2026 from 36.2% for the six months ended June 30, 2025. SELLING AND MARKETING EXPENSES Our selling and marketing expenses primarily consist of employee expenses, facilities and equipment utilized in sales and Cirrus services, outside selling and professional services expenses and other including advertising costs such as those related to trade shows and digital marketing. The selling and marketing expenses of the Group were US$80.6 million for the six months ended June 30, 2026, as compared with US$63.6 million for the six months ended June 30, 2025. The increase was primarily attributable to increased focus on demand generation advertising, increased Cirrus Services, as well as increased aircraft deliveries. GENERAL AND ADMINISTRATIVE EXPENSES Our general and administrative expenses primarily consist of employee expenses, facilities and equipment, insurance and product liability costs, outside selling and professional services expenses and other expenses including licenses, dues and research costs. The general and administrative expenses were US$78.9 million for the six months ended June 30, 2026 as compared with US$70.0 million for the six months ended June 30, 2025. The increase was primarily attributable to higher IT research and development expenses.
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Management Discussion & Analysis 18 Cirrus Aircraft Limited Interim Report 2026 FINANCE COSTS Our finance costs primarily consist of interest expenses related to our outstanding debt and recognition of interest related to leases as lease liabilities. For the six months ended June 30, 2026, the finance costs of the Group decreased to US$0.7 million from US$2.0 million for the six months ended June 30, 2025. PROFIT FOR THE PERIOD The profit for the six months ended June 30, 2026 amounted to US$88.1 million, representing an increase of US$23.2 million or 35.6% as compared to the six months ended June 30, 2025. The profit margin for the six months ended June 30, 2026 was 12.0% (the six months ended June 30, 2025: 10.9%). LIQUIDITY AND WORKING CAPITAL As of June 30, 2026, the Group’s cash and bank balances increased to US$379.0 million from US$279.5 million as of December 31, 2025. The increase primarily resulted from the profitability of the business. As of June 30, 2026, the current assets of the Group were US$861.9 million, including cash and cash equivalents of US$379.0 million and other current assets of US$482.9 million, primarily denominated in US$. As of June 30, 2026, the current liabilities of the Group were US$540.2 million, including accounts payables of US$87.0 million, other payables and accrued liabilities of US$449.5 million and borrowings of US$3.7 million. CASH FLOWS For the six months ended June 30, 2026, the net cash flows generated from operating activities by the Group amounted to US$126.1 million, as compared to net cash flows generated from operating activities of US$29.7 million for the same period in 2025 mainly due to higher profitability and lower use of cash for inventory. For the six months ended June 30, 2026, the net cash used in investing activities by the Group amounted to US$21.6 million which mainly consisted of purchases of fixed assets and development of intangible assets, offset by increased proceeds from financial assets, as compared to net cash used in investing activities of US$71.5 million for the same period in 2025, which mainly consisted of purchases of fixed assets and development of intangible assets, offset by proceeds from the maturity of financial assets. For the six months ended June 30, 2026, the net cash used in financing activities by the Group amounted to US$5.0 million which mainly consisted of principal elements of lease payments, as compared to net cash used in financing activities of US$9.7 million for the same period in 2025 which mainly consisted of the repayment of borrowings.
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Management Discussion & Analysis 19 Cirrus Aircraft Limited Interim Report 2026 NON-IFRS MEASURES To supplement our condensed consolidated interim financial information which are presented in accordance with IFRS, we also use adjusted profit (non-IFRS measure) and adjusted EBITDA (non-IFRS measure) as additional financial measures, which are not required by, or presented in accordance with IFRS. We believe that adjusted profit (non-IFRS measure) and adjusted EBITDA (non-IFRS measure) provide useful information to investors and others in understanding and evaluating our condensed consolidated statements of profit or loss in the same manner as they help our management. However, our presentation of a non-IFRS measure may not be comparable to similarly titled measures presented by other companies. The following table sets forth the reconciliation of our non-IFRS measures for the periods indicated with the nearest measure prepared in accordance with IFRS: Six months ended June 30, 2026 2025 US$’000 US$’000 Reconciliation of profit to adjusted profit for the period (non-IFRS measure) and adjusted EBITDA for the period (non-IFRS measure): Profit for the period 88,123 64,966 Add back: None — — Adjusted profit for the period (non-IFRS measure) 88,123 64,966 Add back: Finance costs 707 1,970 Income tax expenses 20,926 17,142 Depreciation of property, plant and equipment 16,095 11,730 Depreciation of right-of-use assets 2,524 2,127 Amortization of intangible assets 15,902 10,458 Less: Interest income (8,666) (6,882) Adjusted EBITDA for the period (non-IFRS measure) 135,611 101,511 Reconciliation of Net cash generated from/(used in) operating activities to free cash flow for the period (non-IFRS measure): Net cash generated from/(used in) operating activities 126,113 29,715 Less: Payment for property, plant and equipment (30,429) (22,248) Payment for intangible assets (20,988) (21,263) Free cash flow (non-IFRS measure) 74,696 (13,796)
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Management Discussion & Analysis 20 Cirrus Aircraft Limited Interim Report 2026 KEY FINANCIAL RATIOS The following table sets forth the key financial ratios for the periods indicated: As of June 30, 2026 As of June 30, 2025 Gross profit margin (1) 36.2% 36.2% Operating profit margin (2) 14.9% 14.1% Net profit margin (3) 12.0% 10.9% Return on equity (4) 9.7% 8.2% Return on total assets (5) 5.8% 4.6% Adjusted profit margin (non-IFRS measure) (6) 12.0% 10.9% Adjusted EBITDA margin (non-IFRS measure) (7) 18.4% 17.1% As of June 30, 2026 As of December 31, 2025 Current ratio (8) 1.6 1.6 Quick ratio (9) 1.1 1.1 Gearing ratio (10) 0.01 0.01 Notes: (1) Gross profit margin calculated using gross profit for the period divided by revenue for the period and multiplied by 100%. (2) Operating profit margin is calculated using operating profit for the period divided by revenue for the period and multiplied by 100%. (3) Net profit margin is calculated using profit for the period divided by revenue for the period and multiplied by 100%. (4) Return on equity ratio is profit for the period as a percentage of the average balance of total equity at the beginning and the end of the period and multiplied by 100%. (5) Return on total assets ratio is profit for the period as a percentage of the average balance of total assets at the beginning and the end of the period and multiplied by 100%. (6) Adjusted profit margin (non-IFRS measure) represents adjusted profit for the period (non-IFRS measure) divided by revenue for the period and multiplied by 100%. (7) Adjusted EBITDA margin (non-IFRS measure) represents adjusted EBITDA (non-IFRS measure) divided by revenue for the period and multiplied by 100%. (8) Current ratio is calculated using total current assets divided by total current liabilities as of the same date. (9) Quick ratio is calculated using current assets less inventories divided by current liabilities as of the same date. (10) Gearing ratio is calculated using total debt (being interest-bearing borrowings) divided by total equity as of the same date.
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Management Discussion & Analysis 21 Cirrus Aircraft Limited Interim Report 2026 TREASURY POLICIES The Group manages liquidity risk by diversifying our cash holdings between money markets to CD’s which are laddered based on expected maturity dates. The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank overdrafts, borrowings and long-term leases. PLEDGE OF ASSETS For details, please refer to note 13 to the condensed consolidated interim financial information in this interim report. MATERIAL INVESTMENTS The Group did not make any material investments during the six months ended June 30, 2026. SEGMENT INFORMATION As stated in the condensed consolidated interim financial information, the chief operating decision-maker (the “CODM”) regards the Group’s business as a single operating segment. A detailed analysis of the Group’s segment information for the six months ended June 30, 2026 is set out in note 5 to the condensed consolidated interim financial information. GEOPOLITICAL RISK The Group’s business is subject to risks associated with changes in the general macroeconomic, political, social and regulatory conditions in the markets in which it operates. The Global operating environment continues to experience evolving geopolitical tension and increasing trade, national security and regulatory measures, particularly between the United States and China. The Group actively monitors geopolitical and regulatory developments in the jurisdictions in which it operates and engages with legislators at the local, state, and federal levels to educate as to the contributions in investment and employment the Company provides to their constituents and to collaborate with the legislators on incentives for current and future operations and investments. During the period, AVIC, one of our Controlling Shareholders, was identified on the U.S. Department of Defense’s Section 1260H list of Chinese Military Companies (CMC), and Cirrus Design, an indirect wholly-owned subsidiary of the Company, and Continental, a connected person of the Company, were each listed as entities associated with AVIC. The Group continues to assess the potential implications of this development and any related regulatory measures on its operations, customer and supplier relationships, business opportunities, reputation and access to certain markets. The scope and application of such measures may continue to evolve and could result in increased compliance requirements, operational constraints or other impacts on the Group’s business. Based on information currently available, the Group does not expect these developments to have a material impact on its business, financial condition, or results of operations.
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Management Discussion & Analysis 22 Cirrus Aircraft Limited Interim Report 2026 PRICE RISK Price risk relates to changes in the price of materials purchased for production. We manage this risk primarily by negotiating pricing agreements with significant suppliers, competitive bidding and identifying opportunities for cost reductions. CREDIT RISK Credit risk arises mainly from the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. We are exposed to credit risk from our operating activities (primarily accounts receivables). We have adopted a policy of dealing only with highly rated financial institutions and we have no significant concentrations of credit risk. Receivables that are past due at the reporting date are impaired as appropriate. To manage risk arising from cash and cash equivalents, we place deposits in reputable banks. There has been no recent history of default in relation to these financial institutions. Our identified credit losses are effectively close to zero. INTEREST RATE RISK Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of change in market interest rates. Our historical exposure to the risk of changes in market interest rates related primarily to our long-term debt obligations with floating interest rates. As of June 30, 2026, we have no long-term debt obligations with floating interest. Thus, we do not anticipate any material losses as a result of interest rate risk. EXPOSURE TO FLUCTUATIONS IN EXCHANGE RATE The Group operates primarily in U.S. dollars, and therefore does not engage in hedging transactions to protect against uncertainty in future exchange rates between particular foreign currencies and the U.S. dollar. MATERIAL ACQUISITIONS AND DISPOSALS The Group did not have any material acquisitions or disposals of subsidiaries, consolidated affiliated entities or associated companies for the six months ended June 30, 2026. FUTURE PLANS FOR MATERIAL INVESTMENT AND CAPITAL ASSETS Save as disclosed in this interim report, as of June 30, 2026 there were no significant investments held by the Group or future plans regarding significant investment or capital assets.
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Management Discussion & Analysis 23 Cirrus Aircraft Limited Interim Report 2026 BANK LOANS AND OTHER BORROWINGS As of June 30, 2026, the Group had borrowings of US$10.1 million which all consisted of a fixed interest rate and predominantly denominated in US$, and lease liabilities of US$17.4 million. For details, please refer to note 13 to the condensed consolidated interim financial information in this interim report. CONTINGENT LIABILITIES As of June 30, 2026, we had material contingent liabilities captured in our accrued product liability, relating to ongoing product liability claims. For details, please refer to note 17 to the condensed consolidated interim financial information in this interim report. EMPLOYEE AND REMUNERATION As of June 30, 2026, we had a total of 2,916 employees, substantially all in the U.S. Among our 2,916 employees as of June 30, 2026, 2,860 were full-time and 56 were part-time employees. The table below sets forth the numbers of our employees according to their functions as of June 30, 2026: Function Number of employees % of total number of employees Product Line Manufacturing 1,609 55.2% Product Development 466 16.0% Cirrus Services 445 15.2% General and Administrative 184 6.3% Sales and Marketing 168 5.8% Facilities Management 44 1.5% Total 2,916 100.0% All employees are expected to follow our employee handbook, which includes a code of conduct policy that is annually refreshed and is supported by an anonymous hotline. In compliance with applicable labor laws, we enter into individual employment contracts with our employees covering matters such as wages, bonuses, employee benefits, confidentiality obligations, non-competition and grounds for termination.
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Management Discussion & Analysis 24 Cirrus Aircraft Limited Interim Report 2026 Remuneration packages for our salaried employees are mainly comprised of a base salary and a discretionary bonus element. We set performance targets for our employees based on their position and department and periodically review performance. The results of such performance reviews are used in their salary reviews, bonus awards and promotion appraisals. We have an annual goal setting process that starts with the executive team laying out our strategies and strategic pillars for the year that is distilled into annual goals assigned by functional and individual levels. The Company’s prospectus disclosed its intention to consider implementing an equity incentive plan following its initial public offering. After comprehensive consideration by the Remuneration Committee of the Board, during the Period, the Board adopted the Cirrus Aircraft Limited Long Term Incentive Plan (the “LTIP”) to attract, retain and motivate key employees to align their interests with those of the shareholders through performance and share price related cash incentives. Under the LTIP, the Company may grant Performance Cash Units and Performance Synergy Units (“PSUs”) linked to the Company’s share price to eligible participants, comprising executive directors, senior management and selected key employees as approved by the Board, entitle participants solely to cash-settled payments following a three-year performance period, subject to the performance metrics (including comparable aircraft delivery market share growth rate, non-aircraft revenue, operating cash flow and return on invested capital) and certification by the Board. Performance units are non-transferable and may not be pledged or assigned. The LTIP was implemented by reallocating resources within the Company’s existing long-term incentive arrangements. As the LTIP is entirely cash-settled, the grant of awards will not result in any dilution of the shareholdings of existing shareholders. As at the date of this interim report, seven employees including four members of management (the CEO, CFO, President of Operations and Innovation, and President of Marketing and Services) participated in the LTIP. The LTIP does not confer upon participants any ownership of shares, voting rights, dividend entitlements or any other rights associated with equity ownership, does not involve the issuance of new or existing shares, share options or other securities of the Company or its subsidiaries, and accordingly does not fall within the ambit of Chapter 17 of the Listing Rules.
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Management Discussion & Analysis 25 Cirrus Aircraft Limited Interim Report 2026 FUTURE AND OUTLOOK PLAN Looking ahead, we will continue to focus on product improvement, model upgrades and ongoing generational changes to equip our aircraft with new technologies and designs to remain at the forefront of the industry. As of June 30, 2026, our global customer base owned in excess of 12,000 of our aircraft and continues to grow. With over 12,000 aircraft deliveries worldwide as of June 30, 2026, we believe we are well-positioned to continue to capture the growth in the personal aviation industry. To deliver a wide-ranging and connected premium aviation experience and expand our market leadership in the personal aviation industry in the United States and globally, we intend to focus on the following key strategies, as stated in the Prospectus: • Build our ecosystem to service our installed base through establishing, among many things but not limited to, new maintenance programs, and expanding aircraft management solutions and an array of useful customer services; • Enhance flight training solutions; • Advance and expand our aircraft and services portfolio; • Supply chain excellence to expand both production and service capabilities; • Expand our markets globally; and • Establish personal aviation services for non-pilots. EVENTS AFTER THE REPORTING PERIOD Save as disclosed in this interim report, no material subsequent events took place between June 30, 2026 and the issuance of this report. INTERIM DIVIDEND The Board does not recommend the distribution of an interim dividend for the six months ended June 30, 2026 (for the six months ended June 30, 2025: nil).
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Corporate Governance and Other Information 26 Cirrus Aircraft Limited Interim Report 2026 The Company was incorporated in the Cayman Islands as an exempted company with limited liability on December 13, 2019 and the Shares were listed on the Stock Exchange on July 12, 2024. To the extent applicable, this corporate governance and other information section of the Company covers the period from January 1, 2026 through August 20, 2026 (being the latest practicable date prior to the printing of this interim report) (the “Relevant Period”). CORPORATE GOVERNANCE PRACTICE The Company is committed to maintaining high standards of corporate governance to safeguard the interests of the Shareholders and to enhance corporate value and accountability. The Company has adopted the code provisions set out in the CG Code as set out in Part 2 of Appendix C1 to the Listing Rules. The Company has applied the principles and complied with all applicable code provisions as set out in the CG Code throughout the Relevant Period. MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted the Model Code as set out in Appendix C3 to the Listing Rules as its own code of conduct regarding securities transactions by the Directors. We have also adopted the Securities Policy, which applies to all Directors and senior management on terms not less exacting than the required standard indicated by the Model Code. Upon specific enquiry, all Directors confirmed that they have strictly complied with the required standards set out in the Model Code and the Securities Policy during the Relevant Period. AUDIT, RISK CONTROL AND COMPLIANCE COMMITTEE The Company has established the Audit, Risk Control and Compliance Committee with written terms of reference in accordance with the Listing Rules. The Audit, Risk Control and Compliance Committee comprises three Directors, namely, Mr. Liang LIU (劉亮 ), Mr. Chung Man Louis LAU (劉仲文 ) and Ms. Ferheen MAHOMED (alias: 馬穎欣 ). Mr. Chung Man Louis LAU (劉仲文 ) is the chairman of the Audit, Risk Control and Compliance Committee. The primary duties of the Audit, Risk Control and Compliance Committee are to review and oversee the financial reporting procedure, risk management and internal control system of our Group, review the Company’s financial information, provide advice and comments to the Board, and perform other duties and responsibilities as may be assigned by the Board.
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Corporate Governance and Other Information 27 Cirrus Aircraft Limited Interim Report 2026 The unaudited condensed consolidated financial statements of the Group for the six months ended June 30, 2026 and this interim report have been reviewed by the Group’s external auditor, KPMG, in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, and by the Audit, Risk Control and Compliance Committee. The Audit, Risk Control and Compliance Committee concluded that such financial information and this interim report had been prepared in accordance with applicable accounting standards and relevant requirements, and had made adequate disclosure. The Audit, Risk Control and Compliance Committee has also discussed matters with respect to the accounting policies and practices adopted by the Company and internal control with senior management members of the Company. OTHER BOARD COMMITTEES In addition to the Audit, Risk Control and Compliance Committee, the Company has also established the Nomination Committee and the Remuneration Committee with written terms of reference in accordance with the Listing Rules. DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY OR ANY OF ITS ASSOCIATED CORPORATIONS As at June 30, 2026, none of the Directors or the chief executive of our Company had an interest and/or short position in the Shares, underlying Shares or debentures of our Company or any interests and/or short positions in the shares, underlying shares or debentures of our Company’s associated corporations (within the meaning of Part XV of the SFO) which (i) had to be notified to our Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they are taken or deemed to have under such provisions of the SFO), (ii) were required, pursuant to Section 352 of the SFO, to be entered in the register referred to therein or (iii) were required, pursuant to the Model Code, to be notified to our Company and the Stock Exchange. DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES Save as otherwise disclosed in this interim report, at no time during the Reporting Period was the Company or any of its subsidiaries a party to any arrangement that would enable the Directors or any of their spouses or children under the age of 18 to acquire benefits by means of acquisition of Shares in, or debentures of, the Company or any other body corporate, and none of the Directors or any of their spouses or children under the age of 18 were granted any right to subscribe for the equity or debt securities of the Company or any other body corporate or had exercised any such right.
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Corporate Governance and Other Information 28 Cirrus Aircraft Limited Interim Report 2026 SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES OF THE COMPANY As at June 30, 2026, to the best knowledge of the Directors, the following persons (not being a Director or chief executive of the Company) had interests or short positions in the Shares or underlying Shares which fall to be disclosed to the Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO or which were required to be entered in the register to be kept by the Company pursuant to Section 336 of the SFO: Name of Shareholders Nature of interests Number of Shares or securities held Approximate percentage of interest as at June 30, 2026 CAIGA Hong Kong Beneficial owner 293,463,318 80.18% CAIGA Interest in controlled corporation 293,463,318 80.18% AVIC Interest in controlled corporation 293,463,318 80.18% Notes: (1) CAIGA Hong Kong is wholly-owned by CAIGA, which is in turn owned by AVIC as to approximately 73.39%. Under the SFO, each of CAIGA and AVIC is deemed to be interested in 293,463,318 Shares of the Company held by CAIGA Hong Kong. (2) All interests stated are long position. Save as disclosed above, as at June 30, 2026, the Directors were not aware of any other persons (who were not Directors or chief executives of the Company) who had an interest or short position in any Shares or underlying Shares which would have to be disclosed to the Company and the Stock Exchange under the provisions of Divisions 2 and 3 of Part XV of the SFO or which were required to be entered in the register to be kept by the Company pursuant to Section 336 of the SFO. PURCHASE, SALE OR REDEMPTION OF THE COMPANY’S LISTED SECURITIES Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any listed securities of the Company (including sale of treasury Shares) during the Reporting Period. As at June 30, 2026, the Company did not hold any treasury Shares.
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Corporate Governance and Other Information 29 Cirrus Aircraft Limited Interim Report 2026 CHANGES IN DIRECTORS AND SENIOR MANAGEMENT Ms. Ferheen MAHOMED (alias: 馬穎欣 ), an independent non-executive Director, has been appointed as the independent non-executive director of Ten Pao Group Holdings Limited (a company listed on the Main Board of the Stock Exchange; stock code: 1979) with effect from June 12, 2026. Ms. Ferheen MAHOMED resigned as an independent non-executive director of 361 Degrees International Limited (a company listed on the Main Board of the Stock Exchange; stock code: 1361) with effect from July 8, 2026. On March 24, 2026, each of Mr. Lei YANG, Mr. Hui WANG and Mr. Zean Hoffmeister Vang NIELSEN renewed his letter of appointment or service contract (as the case may be) with the Company for a further term of three years, and each of them was re-elected as a Director at the annual general meeting of the Company held on June 26, 2026. Mr. Qingchun SONG (宋慶春 ), a non-executive Director, has resigned as a non- executive Director and ceased to be a member of the Remuneration Committee of the Company with effect from August 14, 2026. Mr. Liang LIU (劉亮 ), a non-executive Director, has been appointed as a member of the Remuneration Committee with effect from August 26, 2026. Mr. William Todd Simmons resigned from his position as our president of customer experience with effect from July 13, 2026 and has been replaced by Mr. Benjamin Alan Kowalski, who has been appointed as our Chief Customer Officer with effect from July 13, 2026. Save as disclosed in this interim report, there are no changes in the information of the Directors and senior management of the Company which is required to be disclosed pursuant to Rule 13.51B(1) of the Listing Rules subsequent to the date of the Company’s 2025 Annual Report and up to the date of this interim report. MATERIAL LITIGATION Save as disclosed in this interim report, the Company was not involved in any material litigation or arbitration during the Reporting Period. Save as disclosed in this interim report, the Directors are also not aware of any material litigation or claims that are pending or threatened against the Group during the Reporting Period. PUBLIC FLOAT During the Reporting Period, our Company has maintained public float which is in compliance with the waiver from strict compliance with the public float requirements granted by the Stock Exchange pursuant to Rule 8.08(1) of the Listing Rules.
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Corporate Governance and Other Information 30 Cirrus Aircraft Limited Interim Report 2026 SANCTIONS POLICY To ensure the Company’s compliance with the relevant undertakings to the Stock Exchange, the Company has adopted internal control procedures with respect to export control and other International Sanctions to ensure it complies with all applicable International Sanctions laws and regulations. These procedures are set out in the section headed “Sanctions Policy” in the Company’s 2025 annual report and remained in place throughout the Reporting Period. During the Reporting Period, the Company (i) has not used the proceeds from the Global Offering or other funds raised through the Stock Exchange, (a) to finance or facilitate, directly or indirectly, any projects or businesses in the Comprehensively Sanctioned Countries or with persons located in other countries who are subject to sanctions or (b) to pay any damages for terminating or transferring contracts relating to sanctioned countries or persons subject to sanctions; (ii) has not entered into any business that would cause the Company, the Stock Exchange, Hong Kong Securities Clearing Company Limited, HKSCC Nominees Limited, its Shareholders or potential investors to violate any sanctions laws of the U.S., the European Union, Australia or the United Nations; and (iii) has not entered into any transaction that, at the time of entry into such transaction, was prohibited by applicable sanctions law. The Directors confirm that the Group has no present intention to undertake, directly or indirectly, any business involving any Comprehensively Sanctioned Country, and that it will not knowingly conduct business with any Sanctioned Person or otherwise in any manner that would cause the Group to violate International Sanctions. CONTINUING DISCLOSURE OBLIGATION PURSUANT TO THE LISTING RULES Save as disclosed in this interim report, the Company does not have any other disclosure obligations under Rules 13.20, 13.21 and 13.22 of the Listing Rules.
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Corporate Governance and Other Information 31 Cirrus Aircraft Limited Interim Report 2026 USE OF NET PROCEEDS FROM LISTING The Company has been listed on the Stock Exchange on July 12, 2024 by way of Global Offering of ordinary Shares including a public offering in Hong Kong of 5,487,600 Shares and an international offering of 49,388,300 Shares, in each case at a price of HK$27.500 per Share. On August 8, 2024, the Over-allotment Option was partially exercised, as a result of which an aggregate of 149,600 Shares were issued and allotted by the Company at HK$27.500 per Share. The net proceeds from the Global Offering (including Shares issued as a result of the partial exercise of the Over-allotment Option) were approximately HK$1,396.03 million, which will be utilized for the purposes as set out in the Prospectus. As at June 30, 2026, the Company had used, and proposed to use, the net proceeds from the Global Offering (including Shares issued as a result of the partial exercise of the Over- allotment Option) according to the intentions previously disclosed by the Company. To the extent that net proceeds are not immediately used for the intended use and to the extent permitted by the relevant law and regulations, the Company will place the net proceeds into short-term interest-bearing accounts at licensed commercial banks and/or other authorized financial institutions as defined under the SFO or the applicable laws in the relevant jurisdiction for non-Hong Kong based deposits. The following table sets out the use of the net proceeds from the Global Offering (including Shares issued as a result of the partial exercise of the Over-allotment Option) and the amount of unutilized net proceeds as of June 30, 2026. Planned use of net proceeds Percentage of total net proceeds as previously disclosed Amount of allocated net proceeds for the relevant use as previously disclosed Amount of net proceeds not yet used as of January 1, 2026 Approximate amount of net proceeds utilized during the six months ended June 30, 2026 Approximate amount not yet utilized as at June 30, 2026 Expected timeline for utilization of unutilized proceeds % (HK$ million) (HK$ million) (HK$ million) (HK$ million) 1. Fund innovation, product enhancements, continuing product improvements, and additional research and development activities 30.0% 418.81 14.21 14.01 0.20 By December 31, 2027 2. Enhancement of our production efficiency and capacity 30.0% 418.81 290.96 80.36 210.60 By December 31, 2027 3. Fund improvement and expansion of service, sales and support for our products and services provided in our ecosystem, both in geographically and in total capacity 30.0% 418.81 343.97 24.24 319.73 By December 31, 2027 4. General working capital and other general corporate purposes to support our business operation and growth 10.0% 139.60 — — — Total 100.0% 1,396.03 649.14 118.61 530.53
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Corporate Governance and Other Information 32 Cirrus Aircraft Limited Interim Report 2026 CHANGE OF AUDITOR PricewaterhouseCoopers (“ PwC”) retired as auditor of the Company upon the conclusion of the annual general meeting held on June 26, 2026 (the “ 2026 AGM”), and KPMG was appointed as auditor of the Company with effect from the conclusion of the 2026 AGM, having been approved by the Shareholders at the 2026 AGM, to hold office until the conclusion of the next annual general meeting. The change of auditor followed a rotation recommended by the Audit, Risk Control and Compliance Committee, having regard to the length of PwC’s tenure, in order to maintain good corporate governance and ensure the independence and objectivity of the audit. There are no disagreements or unresolved matters between the Company and PwC, and there are no matters in respect of the retirement of PwC that out in the announcement and the circular of the Company dated June 2, 2026. On behalf of the Board Mr. Lei YANG Chairman of the Board Hong Kong August 26, 2026
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Report on Review of Interim Financial Information 33 Cirrus Aircraft Limited Interim Report 2026 Review report to the Board of Directors of Cirrus Aircraft Limited (Incorporated in the Cayman Islands with limited liability) INTRODUCTION We have reviewed the interim financial information set out on pages 35 to 56, which comprises the condensed consolidated statement of financial position of Cirrus Aircraft Limited (the “ Company ”) and its subsidiaries (together, the Group”) as of June 30, 2026 and the related condensed consolidated statement of profit or loss, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the six-month period then ended, and explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of an interim financial information to be in compliance with the relevant provisions thereof and International Accounting Standard 34 “Interim Financial Reporting”. The directors of the Company are responsible for the preparation and presentation of this interim financial information in accordance with International Accounting Standard 34. Our responsibility is to express a conclusion, based on our review, on this interim financial information and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. SCOPE OF REVIEW We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” . A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
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Report on Review of Interim Financial Information 34 Cirrus Aircraft Limited Interim Report 2026 CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the interim financial information as at June 30, 2026 is not prepared, in all material respects, in accordance with International Accounting Standard 34 “Interim Financial Reporting”. KPMG Certified Public Accountants 8th Floor, Prince’s Building 10 Chater Road Central, Hong Kong August 26, 2026
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Condensed Consolidated Statement of Profit or Loss For the six months ended June 30, 2026 35 Cirrus Aircraft Limited Interim Report 2026 Six months ended June 30, 2026 2025 Note US$’000 US$’000 (Unaudited) (Unaudited) Revenue 5 736,995 594,488 Cost of sales 6 (469,992) (379,485) Gross profit 267,003 215,003 Selling and marketing expenses 6 (80,586) (63,599) General and administrative expenses 6 (78,892) (70,001) Operating profit before other income 107,525 81,403 Other income 2,231 2,675 Operating profit 109,756 84,078 Finance costs (707) (1,970) Profit before income tax 109,049 82,108 Income tax expenses 7 (20,926) (17,142) Profit for the period 88,123 64,966 Earnings per share Basic and diluted (expressed in US$ per share) 8 0.24 0.18 The above condensed consolidated statement of profit of loss should be read in conjunction with the accompanying notes.
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Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2026 36 Cirrus Aircraft Limited Interim Report 2026 Six months ended June 30, 2026 2025 US$’000 US$’000 (Unaudited) (Unaudited) Profit for the period 88,123 64,966 Other comprehensive gain/(loss): Items that may be subsequently reclassified to profit or loss: Fair value gain/(loss) on financial assets at fair value through other comprehensive income, net of tax (5) 4 Other comprehensive gain/(loss) for the period, net of tax (5) 4 Total comprehensive income for the period 88,118 64,970 The above condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
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Condensed Consolidated Statement of Financial Position As of June 30, 2026 37 Cirrus Aircraft Limited Interim Report 2026 As of June 30, 2026 As of December 31, 2025 Note US$’000 US$’000 (Unaudited) (Audited) Assets Non-current assets Property, plant, and equipment 10 296,968 282,262 Right-of-use assets 17,633 18,335 Intangible assets 11 284,954 279,868 Goodwill 11 115,923 115,923 Financial assets at fair value through other comprehensive income 521 513 Advances to suppliers 16,618 16,207 Contract assets 171 153 Total non-current assets 732,788 713,261 Current assets Inventories 277,069 230,048 Reinsurance recoverable 27,165 27,512 Advances to suppliers 15,894 25,364 Contract assets 299 291 Notes and other receivables 2,210 1,291 Income tax receivable — 773 Accounts receivables 14 13,419 10,334 Financial assets at fair value through profit or loss 2,634 2,348 Short term deposits 144,192 169,781 Cash and cash equivalents 379,040 279,511 Total current assets 861,922 747,253 Total assets 1,594,710 1,460,514
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Condensed Consolidated Statement of Financial Position As of June 30, 2026 38 Cirrus Aircraft Limited Interim Report 2026 As of June 30, 2026 As of December 31, 2025 Note US$’000 US$’000 (Unaudited) (Audited) Equity and liabilities Equity Share capital and share premium 12 262,797 306,716 Capital reserve (113,482) (113,482) Financial assets at fair value through other comprehensive income fair value reserve (1) 4 Retained earnings 779,119 690,996 Total equity 928,433 884,234 Non-current liabilities Borrowings 13 6,448 7,676 Lease liabilities 12,964 13,910 Deferred tax liabilities 14,744 10,699 Accrued warranty 11,529 12,118 Contract liabilities 80,423 74,799 Total non-current liabilities 126,108 119,202 Current liabilities Accounts payables 14 86,950 53,163 Employee wages and benefits payable 63,810 72,403 Accrued liabilities 20,332 29,368 Contract liabilities 58,832 59,172 Customer deposits 175,698 159,690 Interest payable 97 66 Income tax payable 3,134 — Dividend payable 9 43,919 — Accrued warranty 34,280 29,827 Accrued product liability 44,978 44,224 Borrowings 13 3,671 3,555 Lease liabilities 4,468 5,610 Total current liabilities 540,169 457,078 Total liabilities 666,277 576,280 Total equity and liabilities 1,594,710 1,460,514 The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes.
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Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2026 39 Cirrus Aircraft Limited Interim Report 2026 Share capital and share premium (Note 12) Capital reserve Financial assets at fair value through other comprehensive income fair value reserve Retained earnings Total US$’000 US$’000 US$’000 US$’000 US$’000 Balance as of January 1, 2026 306,716 (113,482) 4 690,996 884,234 Profit for the period — — — 88,123 88,123 Fair value loss on financial assets at fair value through other comprehensive income, net of tax — — (5) — (5) Total comprehensive income — — (5) 88,123 88,118 Dividends declared (Note 9) (43,919) — — — (43,919) Balance as of June 30, 2026 262,797 (113,482) (1) 779,119 928,433 Balance as of January 1, 2025 343,315 (113,482) — 552,118 781,951 Profit for the period — — — 64,966 64,966 Fair value gain on financial assets at fair value through other comprehensive income, net of tax — — 4 — 4 Total comprehensive income — — 4 64,966 64,970 Dividends declared (Note 9) (36,600) — — — (36,600) Balance as of June 30, 2025 306,715 (113,482) 4 617,084 810,321 The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
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Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2026 40 Cirrus Aircraft Limited Interim Report 2026 Six months ended June 30, 2026 2025 Note US$’000 US$’000 (Unaudited) (Unaudited) Cash flows from operating activities Profit for the period 88,123 64,966 Adjustments for: Income tax expenses 20,926 17,142 Finance costs 707 1,970 Depreciation on property, plant, and equipment 16,095 11,730 Depreciation on right-of-use assets 2,524 2,127 (Gain)/loss on disposal of property, plant and equipment 696 490 Amortization of intangible assets 15,902 10,458 (Gain)/loss on financial assets at FVPL (3,484) (839) 141,489 108,044 Changes in working capital: (Increase)/decrease in inventories (47,021) (77,379) (Increase)/decrease in accounts, notes, and other receivables and reinsurance recoverable (5,032) 351 (Increase)/decrease in contract assets (26) (16) (Increase)/decrease in advances to suppliers 9,059 4,294 Increase/(decrease) in contract liabilities 5,284 1,247 Increase/(decrease) in customer deposits 16,008 7,891 Increase/(decrease) in employee benefit payable (8,593) (767) Increase/(decrease) in accounts and other payables 28,595 18,405 Cash generated from operations 139,763 62,070 Interest paid (676) (1,924) Tax refunded/(paid) (12,974) (30,431) Net cash generated from/(used in) operating activities 126,113 29,715
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Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2026 41 Cirrus Aircraft Limited Interim Report 2026 Six months ended June 30, 2026 2025 Note US$’000 US$’000 (Unaudited) (Unaudited) Cash flows from investing activities Purchase of financial assets (508) (53,380) Proceeds from sale of financial assets 642 860 Proceeds from maturity of financial assets 58,472 24,544 Decrease/(increase) in short term deposits (28,783) — Payment for property, plant and equipment (30,429) (22,248) Proceeds from sale of property, plant, and equipment — 20 Payment for intangible assets (20,988) (21,263) Net cash generated from/(used in) investing activities (21,594) (71,467) Cash flows from financing activities Repayment of borrowings (1,112) (7,500) Principal elements of lease payments (3,878) (2,174) Net cash generated from/(used in) financing activities (4,990) (9,674) Net increase/(decrease) in cash and cash equivalents 99,529 (51,426) Cash and cash equivalents at beginning of the period 279,511 391,837 Cash and cash equivalents at ending of the period 379,040 340,411 The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes.
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Notes to the Condensed Consolidated Interim Financial Information 42 Cirrus Aircraft Limited Interim Report 2026 1 GENERAL INFORMATION Cirrus Aircraft Limited (the “Company”) was incorporated on December 13, 2019 as an exempted company in the Cayman Islands under the Companies Act, Cap 22 (Law 3 of 1961) of the Cayman Islands with limited liability. The address of its registered office is Maples Corporate Services Limited, PO Box 309, Ugland House Grand Cayman, KY1-1104, Cayman Islands. The Company is an investment holding company and its subsidiaries (together “the Group”) are principally engaged in manufacturing and sales of piston aircraft (“SR2X Series”) and single-engine turbine jet (“Vision Jet”), sales of services through Cirrus Services, including aviation parts, extended warranties, maintenance operations, and training services. The Company’s ultimate holding company is Aviation Industry Corporation of China Ltd. (“AVIC”), a company incorporated in the People’s Republic of China (“ the PRC”). The Company has its listing on The Stock Exchange of Hong Kong Limited (“ Stock Exchange”) on July 12, 2024 (“Global Offering”). 2 BASIS OF PREPARATION These condensed consolidated interim financial information for the six months ended June 30, 2026 has been prepared in accordance with International Accounting Standards ( “ IAS ” ) 34 “Interim Financial Reporting” issued by the International Accounting Standards Board (“ IASB”) and the applicable disclosure provision of the Rules Governing the Listing of Securities of the Stock Exchange. It was authorized for issue on August 26, 2026. This condensed consolidated interim financial information should be read in conjunction with the consolidated financial statements for the year ended December 31, 2025, which have been prepared in accordance with IFRS Accounting Standards issued by the IASB. The condensed consolidated interim financial information contains the condensed consolidated statement of financial position as of June 30, 2026, the condensed consolidated statement of profit or loss, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated statement of cash flows for the six-month period then ended and selected explanatory notes. The condensed consolidated interim financial information does not include all of the notes of the type normally included in the consolidated financial statements.
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Notes to the Condensed Consolidated Interim Financial Information 43 Cirrus Aircraft Limited Interim Report 2026 2 BASIS OF PREPARATION (continued) The accounting policies applied are consistent with those of the consolidated financial statements of the group for the year ended December 31, 2025 except for the adoption of amended standards as set out below. This condensed consolidated interim financial information is presented in United States Dollars (“US$”) unless otherwise stated. (a) Amendments to standards adopted by the Group Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments and Contracts Referencing Nature dependent Electricity IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 Annual Improvements to IFRS Accounting Standards The adoption of these amendments to standards does not have any significant impact to the results and financial position of the Group. (b) New and amended standards not yet adopted Certain new accounting standards and amendments to accounting standards have been published that are not mandatory for June 30, 2026 reporting periods and have not been early adopted by the Group. The Group’ s assessment of the impact of these new standards and amendments is set out below: Effective for annual periods beginning on or after IFRS 18 Presentation and Disclosure in Financial Statements January 1, 2027 IFRS 19 Subsidiaries without Public Accountability: Disclosures January 1, 2027 Amendments to IFRS 19 Subsidiaries without Public Accountability: Disclosures January 1, 2027 Amendments to IAS 21 Translation to a Hyperinflationary Presentation Currency January 1, 2027 IFRS 20 Regulatory Assets and Regulatory Liabilities January 1, 2029 Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture To be determined The Group plans to adopt the above new standards and amendments to standards when they become effective. According to the preliminary assessment made by the directors of the Company, these standards and amendments are either not relevant to the Group or not significant to the financial performance and positions of the Group when they become effective.
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Notes to the Condensed Consolidated Interim Financial Information 44 Cirrus Aircraft Limited Interim Report 2026 3 ESTIMATES The preparation of condensed consolidated interim financial information requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. In preparing this condensed consolidated interim financial information, the significant judgments made by management in applying the Group’ s accounting policies and the key sources of estimation and uncertainty are the same as those applied to the consolidated financial statements for the year ended December 31, 2025. 4 SEASONALITY OF OPERATIONS Due to the location of the Group’s primary production facilities, the Group experiences seasonal weather conditions which impacts the Group’s ability to certify the airworthiness of aircraft on a predictable basis. As a result, the Group generally keeps a higher level of finished goods or aircrafts in inventories during the summer months as compared to the start of the year or the winter months. Seasonal impacts are typically reflected in the first half of the financial year leading to lower revenues during the period as compared to the second half of the financial year. The revenues may vary from period to period within a financial year, as the results of operations of any particular period within a financial year may not be representative of the results of operations of the entire financial year. 5 REVENUE AND SEGMENT INFORMATION The chief operating decision-maker (CODM) has been identified as the Chief Executive Officer and executive management of the Company that make strategic decisions. The CODM regard the Group’ s business as a single operating segment and review consolidated financial information accordingly. As the Group has only one operating segment qualified as reporting segment under IFRS 8 and the information that regularly reviewed by the directors of the Group for the purposes of allocating resources and assessing performance of the operating segment is the financial statements of the Group, no separate segmental analysis is presented in the condensed consolidated interim financial information. Since over 90% of the Group’s revenue and operating profit are generated from transactions that are registered and closed within the United States, no geographical information is presented.
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Notes to the Condensed Consolidated Interim Financial Information 45 Cirrus Aircraft Limited Interim Report 2026 5 REVENUE AND SEGMENT INFORMATION (continued) The revenue breakdown of different revenue streams for the six months ended June 30, 2026 and 2025 is as follows: Six months ended June 30, 2026 Aircraft Cirrus Services & Other Total (Note) US$’000 US$’000 US$’000 Revenue from external customers 616,726 120,269 736,995 Timing of revenue recognition — At a point in time 616,726 81,956 698,682 — Over time — 38,313 38,313 Total 616,726 120,269 736,995 Six months ended June 30, 2025 Aircraft Cirrus Services & Other Total (Note) US$’000 US$’000 US$’000 Revenue from external customers 498,279 96,209 594,488 Timing of revenue recognition — At a point in time 498,279 65,765 564,044 — Over time — 30,444 30,444 Total 498,279 96,209 594,488 Note: Revenue from Cirrus Services & Other includes sales and services made to related parties of the Group (Note 16).
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Notes to the Condensed Consolidated Interim Financial Information 46 Cirrus Aircraft Limited Interim Report 2026 6 EXPENSES BY NATURE Six months ended June 30, 2026 2025 US$’000 US$’000 Employee benefit expenses 175,461 155,703 Raw materials 232,915 192,900 Preflown inventory 22,969 16,051 Insurance and product liability 6,111 6,296 Outside commissions and referrals 8,543 3,791 Lease expenses 7,323 2,202 Depreciation of property, plant, and equipment (Note 10) 16,095 11,730 Depreciation of right-of-use assets 2,524 2,127 Amortization of intangible assets (Note 11) 15,902 10,458 Advertising costs 8,175 7,494 Legal and professional fees 9,298 7,719 Supplies 7,156 6,650 Repairs and maintenance 15,914 13,013 Service expenses 69,706 48,680 Utilities 3,384 3,234 Freight charges 5,158 4,700 Research 7,492 8,129 Vehicle expense 4,151 2,511 Travel and entertainment 3,876 2,888 Meetings 2,432 1,945 Real estate and miscellaneous tax 1,215 1,481 Other expenses 3,670 3,383 Total cost of sales, selling and marketing, general and administrative expenses 629,470 513,085
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Notes to the Condensed Consolidated Interim Financial Information 47 Cirrus Aircraft Limited Interim Report 2026 7 INCOME TAX (a) Cayman Islands income tax The Company is incorporated in the Cayman Islands and is not subject to corporate income taxes. (b) US Corporation tax The Group’s subsidiaries in the United States are subject to US federal and state income tax. US federal tax has been provided at the rate of 21% on the estimated assessable profit during the six months ended June 30, 2025 and 2026, respectively, while the state income tax rate varies by state. (c) The United Kingdom (“UK”) corporate income tax The Group’s subsidiary in the United Kingdom is subject to UK corporation income tax and has been provided at the rate of 19% on the estimated assessable profit during the six months ended June 30, 2025 and 2026. (d) The amount of income tax charged to the condensed consolidated statement of profit or loss represents: Six months ended June 30, 2026 2025 US$’000 US$’000 Current income tax 16,128 23,573 Deferred income tax 4,798 (6,431) Total 20,926 17,142 (e) IAS 12 Income Taxes Amendment In May 2023, the IASB published an amendment to IAS 12 Income Taxes. This amendment introduced a temporary exception from accounting for deferred taxes arising from the implementation of the OECD Pillar Two model rules. In accordance with the amendment, the Company has applied the temporary exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
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Notes to the Condensed Consolidated Interim Financial Information 48 Cirrus Aircraft Limited Interim Report 2026 8 EARNINGS PER SHARE (a) Basic earnings per share The basic earnings per share is calculated by dividing the profit attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding during the periods ended June 30, 2025 and 2026. Six months ended June 30, 2026 2025 Profit attributable to the owners of the Company (US$’000) 88,123 64,966 Weighted average number of ordinary shares in issue 365,988,818 365,988,818 Basic earnings per share (expressed in US$/share) 0.24 0.18 (b) Diluted earnings per share As the Company has no dilutive instruments for the six months ended June 30, 2025 and 2026, the Group’s diluted earnings per share equals to its basic earnings per share. 9 DIVIDENDS On June 26, 2026 at the annual general meeting, the shareholders of the Company approved a resolution to distribute a dividend of US$0.12 per Share for the year ended December 31, 2025. The total value of the dividend is approximately US$43,919,000. This amount has been recognized as a liability in the condensed consolidated financial information as of June 30, 2026. The final dividend was paid on July 16, 2026 to the shareholders registered on the record date of July 7, 2026. On June 20, 2025 at the annual general meeting, the shareholders of the Company approved a resolution to distribute a dividend of US$0.1 per Share for the year ended December 31, 2024. The total value of the dividend is approximately US$36,600,000. The final dividend was paid on July 14, 2025 to shareholders registered on the record date of June 30, 2025. No interim dividends are declared and paid for the period ended June 30, 2026 (June 30, 2025: Nil).
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Notes to the Condensed Consolidated Interim Financial Information 49 Cirrus Aircraft Limited Interim Report 2026 10 PROPERTY, PLANT AND EQUIPMENT 2026 2025 US$’000 US$’000 Six months ended June 30, Opening net book amount 282,262 233,049 Additions 31,703 14,231 Transfer — 3,012 Disposals (902) (510) Depreciation charge (16,095) (11,730) Closing net book amount 296,968 238,052 At June 30 Cost 475,648 393,958 Accumulated depreciation (178,680) (155,906) Net book amount 296,968 238,052
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Notes to the Condensed Consolidated Interim Financial Information 50 Cirrus Aircraft Limited Interim Report 2026 11 GOODWILL AND INTANGIBLE ASSETS Intangible assets Goodwill Total US$’000 US$’000 US$’000 Six months ended June 30, 2026 Opening net book amount 279,868 115,923 395,791 Additions 20,988 — 20,988 Amortization charge (15,902) — (15,902) Closing net book amount 284,954 115,923 400,877 At June 30, 2026 Cost 443,148 115,923 559,071 Accumulated amortization (158,194) — (158,194) Net book amount 284,954 115,923 400,877 Six months ended June 30, 2025 Opening net book amount 265,701 115,923 381,624 Additions 21,263 — 21,263 Amortization charge (10,458) — (10,458) Closing net book amount 276,506 115,923 392,429 At June 30, 2025 Cost 403,240 115,923 519,163 Accumulated amortization (126,734) — (126,734) Net book amount 276,506 115,923 392,429
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Notes to the Condensed Consolidated Interim Financial Information 51 Cirrus Aircraft Limited Interim Report 2026 12 SHARE CAPITAL AND SHARE PREMIUM Number of shares Nominal value Share premium Total US$’000 US$’000 US$’000 Authorized: 500,000,000 ordinary shares of US$0.50 each as of December 31, 2025 and June 30, 2026 500,000,000 250,000 — 250,000 Issued: As of December 31, 2025 365,988,818 182,995 123,721 306,716 Dividend declared — — (43,919) (43,919) As of June 30, 2026 365,988,818 182,995 79,802 262,797 13 BORROWINGS As of June 30, 2026 As of December 31, 2025 US$’000 US$’000 (Unaudited) (Audited) Non-current Long-term bank borrowings 6,845 8,325 Long-term other borrowings 3,274 2,906 Less: current portion of long-term bank and other borrowings (3,671) (3,555) 6,448 7,676 Current Current portion of long-term bank borrowings 3,131 3,015 Current portion of long-term other borrowings 540 540 3,671 3,555 10,119 11,231
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Notes to the Condensed Consolidated Interim Financial Information 52 Cirrus Aircraft Limited Interim Report 2026 13 BORROWINGS (continued) The carrying amounts of the Group’s borrowings approximate their fair values since the interest payable on those borrowings is close to the current market rates. The Group’s borrowings from a commercial bank bear interest at 2.5% per annum. These borrowings are collateralized by a security interest in substantially all the tangible and intangible assets of the Group. The Group’s borrowings from a local government entity bear interest at 3% per annum and are collateralized by the related property. The borrowings from a commercial bank carry certain covenants based on financial and non-financial measures. The Group was in compliance with all covenants as of June 30, 2026 and December 31, 2025. Future contractual maturities of long-term debts are as follows: As of June 30, 2026 As of December 31, 2025 US$’000 US$’000 (Unaudited) (Audited) Within one year 3,671 3,555 Greater than one year and less than two years 3,942 3,818 Greater than two years and less than five years 2,506 3,858 10,119 11,231
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Notes to the Condensed Consolidated Interim Financial Information 53 Cirrus Aircraft Limited Interim Report 2026 14 FINANCIAL INSTRUMENTS (i) Accounts receivables As of June 30, 2026 As of December 31, 2025 US$’000 US$’000 (Unaudited) (Audited) Accounts receivables 16,021 12,944 Less: Provision for impairment (2,602) (2,610) Accounts receivables, net 13,419 10,334 The aging analysis of accounts receivables based on the invoice date is as follows: As of June 30, 2026 As of December 31, 2025 US$’000 US$’000 (Unaudited) (Audited) Current–60 days 12,507 11,047 61–90 days 1,981 1,186 91–120 days 619 218 Over 120 days 914 493 16,021 12,944
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Notes to the Condensed Consolidated Interim Financial Information 54 Cirrus Aircraft Limited Interim Report 2026 14 FINANCIAL INSTRUMENTS (continued) (ii) Accounts payables The aging analysis of accounts payables based on the invoice date is as follows: As of June 30, 2026 As of December 31, 2025 US$’000 US$’000 (Unaudited) (Audited) Current–30 days 80,964 46,557 31–60 days 2,198 1,733 61–120 days 987 1,676 Over 120 days 2,801 3,197 86,950 53,163 15 CAPITAL COMMITMENTS As of June 30, 2026 and December 31, 2025 the Group’s capital commitment on property, plant and equipment amounted to approximately US$6 million and US$13 million, respectively. 16 RELATED PARTIES TRANSACTIONS Parties are considered to be related if one party has the ability, directly or indirectly, control the other party or exercise significant influence over the other party in making financial and operation decisions. Parties are also considered to be related if they are subject to common control. Members of key management and their close family members of the Group are also considered as related parties. The following significant transactions were carried out between the Group and its related parties during the reporting period. In the opinion of the directors of the Group, the related party transactions were carried out in the normal course of business and at terms negotiated between the Group and the respective related parties.
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Notes to the Condensed Consolidated Interim Financial Information 55 Cirrus Aircraft Limited Interim Report 2026 16 RELATED PARTIES TRANSACTIONS (continued) (a) Names and relationships with related parties Name of the related parties Nature of relationship AVIC Controlling shareholder China Aviation Industry General Aircraft Co., Ltd. (“CAIGA”) Controlling shareholder CAIGA (Hong Kong) Limited Controlling shareholder AVIC General Huanan Aircraft Industry Co., Ltd. (“ AG Huanan”) Subsidiary of CAIGA AVIC GENERAL Service Co., Ltd. (“ AG Services”) Subsidiary of CAIGA China Aviation Industry General Aircraft Zhejiang Institute Co., Ltd. (“AG Zhejiang”) Subsidiary of CAIGA Continental Aerospace Technologies, Inc. (“ Continental”) Associate of AVIC (b) Significant transactions with related parties Six months ended June 30, 2026 2025 US$’000 US$’000 (Unaudited) (Unaudited) Provision of procurement support and technical support service — AG Zhejiang 122 121 Provision of aircraft products — AG Services 611 592 Program services — AG Huanan 349 — Purchase of engines and parts — Continental 24,135 22,607 Purchase of extended warranties — Continental 3,665 3,072
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Notes to the Condensed Consolidated Interim Financial Information 56 Cirrus Aircraft Limited Interim Report 2026 16 RELATED PARTIES TRANSACTIONS (continued) (c) Period/year end balances with related parties As of June 30, 2026 As of December 31, 2025 US$’000 US$’000 (Unaudited) (Audited) Amounts due from related parties 20,780 18,244 Amounts due to related parties (1,851) (1,297) The amounts due from/(to) related parties are trade in nature, unsecured, interest-free and repayable on demand. The carrying value of these balance approximate their fair value are and denominated in US$. 17 LITIGATION AND CONTINGENT LIABILITIES As of the date of this report, the Group had several claims which are mostly product liability cases. In these matters, the Group continues to vigorously defend its position and believes there is a reasonable possibility for a favorable outcome to the benefits of the Group, or if not, the Group has provided adequate provisions to cover potential losses, including a comprehensive liability insurance program. Based on the development of the litigation and independent legal advice obtained, management considered that the ultimate disposition of these matters will not have a material adverse effect on the Group’s consolidated financial position, results of operations, or liquidity. 18 EVENTS AFTER THE REPORTING PERIOD Save as disclosed in this report, there were no material subsequent events that took place between June 30, 2026 and the issuance of this report.