Alliance Aviation Services (AQZ) AGM 2025 summary

Opening remarks and agenda

• Chair welcomed attendees, introduced directors and management, and outlined meeting procedures and agenda.

• Confirmed quorum, proper notice, and opened the meeting for official business and voting.

• Chair acknowledged recent Board and management changes, emphasizing a commitment to transparency and improved performance.

• Focus on near-term initiatives: optimizing core business, strengthening the balance sheet, and renegotiating key contracts.

Financial performance review

• Reported record 113,000 flying hours and total revenue of AUD 769.7 million, up 19% year-on-year.

• EBITDA reached AUD 207.3 million, up 16.2%, but statutory profit before tax fell 4.9% to AUD 82.1 million due to rising costs and depreciation.

• Net debt stood at AUD 436 million, with a forecast to reduce to AUD 392 million by year-end.

• Operating cash flow was AUD 105.6 million, down 3.4% from the prior year.

• Asset portfolio independently valued at over AUD 900 million, with net tangible assets per share at AUD 2.73.

Board and executive committee updates

• Significant board renewal: new Chair, new Managing Director, two new directors (Bernie Campbell and Simon Lange), and upcoming appointment of Jason Corman.

• Managing Director and CFO roles changed; interim CFO appointed, with search for permanent CFO ongoing.

• Board and management focused on transparency, performance improvement, and governance.