Alliance Aviation Services
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Alliance Aviation Services (AQZ) investor relations material

Alliance Aviation Services H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary19 Feb, 2026

Executive summary

  • Half-year results were disappointing, with a statutory net loss after tax of $105.8 million, primarily due to $164.8 million in impairments and write-downs on the Fokker fleet and related assets, and a commercially unviable wet lease contract.

  • Underlying EBITDA was $87.4 million, profit before tax $14.6 million, and underlying NPAT $11.9 million, all materially lower year-over-year.

  • A turnaround plan is underway, focusing on capital allocation, free cash flow, asset sales, cost controls, and a comprehensive review of operations and leadership.

  • Aircraft trading activity ceased as of 31 December 2025 to reduce volatility and focus on core operations.

Financial highlights

  • Underlying revenue for the half was $368.8 million, up 9% year-over-year, with record flight hours exceeding 59,000.

  • Underlying EBITDA declined 14% to $87.4 million, and underlying NPAT fell 59% to $11.9 million compared to 1H25.

  • Net debt at period end was $433.4 million, with net tangible assets per share at $2.22 and net assets at $357.9 million.

  • Operating cash flow before aircraft purchases was $8.2 million, with cash conversion weaker than desired.

  • No interim dividend declared for 1H26, but a final FY25 dividend of 3.0 cents per share was paid.

Outlook and guidance

  • Full-year 2026 underlying profit before tax is expected to be $35–40 million, reflecting the cessation of aircraft trading and reduced depreciation following fleet impairment.

  • Guidance reflects ongoing uncertainty around wet lease negotiations, asset divestments, and cost efficiency delivery.

  • FY26 results are expected to be materially below analyst consensus due to higher depreciation, increased operating costs, and contract disputes.

How will Fokker fleet exit be funded?
What is the contingency if E190 sales fail?
How will realignment address wet lease demand?
Wet lease: What are alternative options if talks fail?
Surplus asset sales: Expected proceeds or timeline?
Maintenance cost reduction: Specific actions & impact?
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H2 202619 Aug, 2026
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Frequently asked questions

Alliance Aviation Services Limited, based in Australia, specializes in providing contract, charter, and allied aviation services. The company serves a variety of sectors including mining, energy, tourism, and government, both domestically and internationally. Its offerings extend beyond traditional aviation services to specialized areas such as aircraft wet leasing, dry leasing, airport management, aircraft trading, parts sales, engine leasing, and engineering services. The company is headquartered in Brisbane, Queensland, and its shares are listed on the ASX.

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