Wheels Up Experience (UP) investor relations material

Executive summary

• Premium fleet and Signature Membership growth drove operational and financial progress, with over 100 Brand Days and zero cancellations year-to-date, setting a new reliability milestone.

• Fleet modernization completed, with all active jets now premium models, improving customer experience and operational efficiency.

• Signature Membership surpassed 1,200 members, now over 50% of the active base, with higher average flight hours and rates.

• Delta partnership extended, supporting growth and providing a $100M revolving credit facility through September 2028.

Financial highlights

• GAAP revenue for Q2 2026 was $182.0M, down 4% year-over-year, mainly due to the sale of non-core businesses in 2025.

• Gross profit rose to $9.6M, up $7.4M year-over-year, despite $5M in transformation-related expenses.

• Net loss increased to $107.2M, or $(2.97) per share, up $25M from Q2 2025, driven by higher interest, lease costs, and a $13M non-cash impairment.

• Adjusted Contribution was $22.5M (down 2%), with margin at 12.4% (up 0.2pp); Adjusted EBITDAR loss improved 27% to $(19.9)M.

• Six-month revenue was $350.9M (down 4%), with net loss at $190.2M (up 5%).

Outlook and guidance

• Management expects technology investments and the completed fleet transition to drive growth and efficiency in the second half of 2026.

• Ongoing cost-saving initiatives are projected to deliver $70M+ in annual cash savings by year-end.