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October 29, 2026 INVESTOR UPDATE
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Q3 2026 Investor Update Forward-Looking Statements This presentation contains forward-looking statements that reflect the current views of Republic Airways Holdings Inc. (the “Company” or “Republic”) with respect to, among other things, its operations and financial performance. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as “may,” “will,” “expect,” “intend,” “forecast,” “anticipate,” “believe,” “estimate,” “plan,” “project,” “could,” “should,” “hope,” “likely,” and “continue”, or the negative version of these words or other comparable words. These statements include, but are not limited to, statements about the continued demand for our product, the effect of economic conditions on Republic’s business, financial condition and results of operations, integration progress related to the merger with Mesa Air Group, Inc., the timing of scheduled aircraft deliveries, fleet expansion, changes in aircraft seat configurations, transition and anticipated fleet size for Republic in upcoming periods, expected production levels in future periods, pilot attrition trends, mechanic attrition trends, Republic’s coordination with American Airlines, Inc. (“American Airlines”), Delta Air Lines, Inc. (“Delta Air Lines”), and United Airlines, Inc. (“United Airlines”) (collectively, our “Partners” or “Partner Airlines”) regarding the delivery of aircraft under previously announced agreements and timing of placing new aircraft deliveries into service, the expected terms, timing and benefits related to Republic’s leasing, strategic arrangements, strategic agreements and equity investments in third parties, scheduled flight service to smaller communities, increasing the utilization and efficiency of all fleet types as well as Republic's future financial and operating results, plans, objectives, expectations, estimates, intentions and outlook, and other statements that are not historical facts. The Company undertakes no obligation to update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law. For additional information on factors that could cause the Company’s actual results to differ materially from expected results, please see the Company’s filings with the Securities and Exchange Commission (“SEC”), including the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on March 19, 2026, as such factors may be updated from time to time in the Company’s filings with the SEC, which are or will be accessible on the SEC’s website at www.SEC.gov. Market and Industry Data This presentation includes market and industry data and forecasts that the Company has derived from independent consultant reports, publicly available information, various industry publications, other published industry sources, and its internal data and estimates. Independent consultant reports, industry publications, and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable. Although the Company believes that these third-party sources are reliable, it does not guarantee the accuracy or completeness of this information, and the Company has not independently verified this information. The Company’s internal data and estimates are based upon information obtained from trade and business organizations and other contacts in the markets in which the Company operates and management’s understanding of industry conditions. Although the Company believes that such information is reliable, it has not had this information verified by any independent sources. Non-GAAP Financial Measures This presentation contains certain financial measures not presented in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company believes that these non-GAAP financial measures provide users of our financial information with useful supplemental information that enables a better comparison of our performance across periods. Such non-GAAP financial information, including the Company’s definitions and methods of calculation are not necessarily comparable to similarly titled measures used by other companies, have limitations as analytical tools, and should not be considered in isolation, or as substitutes for analysis of the Company’s operating results as reported under GAAP. Additionally, the Company does not consider its non-GAAP financial measures as superior to, or a substitute for, the equivalent measures calculated and presented in accordance with GAAP. Adjusted EBITDAR, adjusted pre-tax income, and leverage are non-GAAP financial measures that are used herein. For additional information about these non-GAAP financial measures and a reconciliation to the most comparable GAAP measure, see the appendix of this presentation. 2 Disclaimer
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Q3 2026 Investor Update 3 Third Quarter Highlights People Opened Mesa operations center at aviation campus in Carmel, IN and welcomed Mesa Associates relocating from Phoenix JCBA Status Inflight – Ratified agreement Pilots – Ongoing negotiations Operations 99.96% controllable completion factor(1) (CCF) and 94.59% completion factor (CF) Integration of Mesa operations on track Finance 34% revenue growth corresponding with 26% block hour growth YoY 39% increase in adjusted pre-tax income(2) and 28% increase in adjusted EBITDAR(2) YoY (1) “Controllable completion factor” means the percentage of completed scheduled flights over which we had control, excluding cancelled flights due to uncontrollable factors such as weather, air traffic control, and Partner-requested cancellations. (2) Excludes $6.7M and $25.0M in executive separation and Merger-related items for the third quarter in 2026 and 2025, respectively. See appendix for a reconciliation of non-GAAP measures to the nearest comparable GAAP measure.
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Q3 2026 Investor Update And Strength in Financial Results ($M) $412 $464 $527 $571 $554 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 $84 $83 $100 $110 $107 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 4 Key Performance and Financial Metrics Excellence in Operations 171 198 212 227 216 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 (1) Excludes $25.0, $15.3M, $9.5M, $13.6M, and $6.7M in executive separation and merger-related items for Q3 2025, Q4 2025, Q1 2026, Q2 2026, and Q3 2026, respectively. See appendix for a reconciliation of non-GAAP measures to the nearest comparable GAAP measure. People Revenue Adjusted EBITDAR(1) Block Hour Production (000)Controllable Completion Factor Completion Factor 99.99% 99.98% 99.98% 99.99% 99.96% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 95.92% 96.85% 93.87% 98.21% 94.59% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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Q3 2026 Investor Update 5 Mesa Integration Pacing Ahead of Plan IT Systems and Infrastructure Fleet and Maintenance Harmonization Corporate Functions Substantially all of Mesa’s corporate functions have now transitioned to aviation campus Continued to improve fleet health and maintenance harmonization Reduced heavy check turnaround times by 40% YE 2028YE 2027YE 2026 YE 2028 Signifies on-track workstreams Regulatory and Operations Received FAA acceptance for Revision Cycle (RC) 2 – aligning preflight procedures and activities Completed training related to Revision Cycle (RC) 1 – the safety management system Continued progress towards alignment of IT function and reduction of redundant systems Completion aligns with anticipated operating certificate harmonization in 2028
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Q3 2026 Investor Update Debt Financed Partner Controlled Owned Outright Debt Financed Partner Controlled Owned Outright Debt Financed Partner Controlled Owned Outright E175 – Capacity Purchase Avg Age:13 Years 7 - 85 6 35 16 54 72 - 275 92 57 126 Non-Operator Leasing 31(1) 31 - - Contracted Fleet(2) 306 123 57 126 Average Expiration 2030 2028 2034 Length of Partnership (years) 27 24 22 6 Stable Fleet Taking Flight in Long-Term Partnerships (1) All 31 non-operator leased aircraft owned outright. (2) Excludes eight unallocated spare aircraft. Five of the unallocated aircraft will begin service for American Airlines in December 2026. 2028 2029 2030 26 delivery positions ~80% of fleet has no financing obligations
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Q3 2026 Investor Update 7 Creating Opportunities for Future Growth Liquidity and Balance Sheet Strength (1) See appendix for a reconciliation of non-GAAP measure to the nearest comparable GAAP measure. (2) A reconciliation of the forward-looking guidance for the non-GAAP metric of leverage cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are not within the Company's control, or cannot be reasonably predicted. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results. $1,084 $95 ($165) $1,014 2026 Forecasted Debt ($M) Borrowings Paydown 2.8x 2.4x 2.2x ~2.0x Sep-25 Jun-26 Sep-26 Dec-26E Leverage(1) <1.5x Long-Term Target (2) 2026 Forecasted Capex ($M) Aircraft/Engine Aviation Campus Other 55 40 90 $185
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Q3 2026 Investor Update 8 Updating 2026 Guidance (1) A reconciliation of the forward-looking guidance for the non-GAAP metrics of adjusted EBITDAR and adjusted diluted EPS cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are not within the Company's control, or cannot be reasonably predicted. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results. Company Issued Guidance July 30, 2026 Update October 29, 2026 Update Revenues ~$2.1B No Change Block Hours ~880,000 No Change Adjusted EBITDAR(1) $395M - $405M $410M - $420M Capital Expenditures, Net of New Debt ~$90M No Change Debt Repayments ~$165M No Change Adjusted Diluted EPS(1) Not Provided > $3.30
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APPENDIX
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Q3 2026 Investor Update 10 Non-GAAP Reconciliations USD ($M) September 30, 2025 December 30, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Net income 6.7$ 5.0$ 26.9$ 31.2$ 34.6$ Income tax expense 2.5 11.9 10.7 12.2 14.6 Pre-tax income 9.2 16.9 37.6 43.4 49.2 Executive separation and merger-related items 25.0 15.3 9.5 13.6 6.7 (Income) loss from investments 5.7 (0.3) 3.5 0.4 (0.3) Adjusted pre-tax income 39.9 31.9 50.6 57.4 55.6 Interest expense 15.7 15.8 16.8 16.8 16.3 Other non-operating (income) loss (3.7) 1.7 (3.7) (1.9) (2.0) Aircraft and engine rent - 0.7 1.9 2.1 1.6 Depreciation and amortization 31.7 33.1 34.5 35.2 35.3 Adjusted EBITDAR 83.6$ 83.2$ 100.1$ 109.6$ 106.8$ Three Months Ended
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Q3 2026 Investor Update 11 Non-GAAP Reconciliations USD ($M) September 30, 2025 June 30, 2026 September 30, 2026 Debt and lease liability 1,192.7$ 1,194.5$ 1,153.1$ Cash and marketable securities (270.0) (277.6) (290.1) Adjusted net debt 922.7 916.9 863.0 Adjusted EBITDAR (trailing 12 months) 324.8 376.5 399.7 Leverage 2.8x 2.4x 2.2x As of