REPUBLIC AIRWAYS HOLDINGS IN Business Summary

Republic Airways Holdings Inc. (RJET) operates as a premier regional airline holding company, generating revenue primarily through long-term, fixed-fee Capacity Purchase Agreements (CPAs) with major U.S. legacy carriers. The company’s business model is structured around two primary segments: regional passenger services—operated under the American Eagle, Delta Connection, and United Express brands—and aircraft leasing, which includes a significant portfolio of jets leased to mainline partners. Following its November 2025 merger with Mesa Air Group, Republic manages a combined fleet of 314 Embraer 170/175 aircraft, providing approximately 1,300 daily flights to 125 cities. The company competes directly with SkyWest, Inc., Air Wisconsin, and Horizon Air, maintaining a dominant market position as the world’s largest operator of Embraer regional jets and a critical provider of hub-and-spoke connectivity for the North American aviation network. The leadership team is led by President and CEO Matthew J. Koscal, who assumed the role in June 2026 after serving as the company’s Chief Commercial Officer and joining the firm in 2014. He is supported by Executive Vice President and CFO Joe Allman, a veteran of the company since 2007 with deep expertise in airline finance and capital structure, and Executive Vice President and COO Paul Kinstedt, who has overseen flight operations since 2017. The Board of Directors is chaired by David Grizzle, a former FAA Chief Operating Officer and Continental Airlines executive who previously served as Republic’s interim CEO. Notable board members include aviation finance expert Ellen N. Artist, who joined following the Mesa merger. Originally founded in 1973 by Joel and Gloria Hall as Chautauqua Airlines, the company’s strategic ownership is now heavily concentrated among its primary customers—American Airlines, United Airlines, and Delta Air Lines—who collectively hold a majority equity stake.