Wheels Up amends 2Q26 earnings materials; FY2025 Adjusted EBITDA restated to -$95.1M from -$43.5M

Wheels Up Experience Inc.

FY2025 Adjusted EBITDA (updated definition) revised to -$95.1M from -$43.5M as previously reported; FY2024 revised to -$119.2M from -$117.9M.
Q4 2025 Adjusted EBITDA swings to -$6.3M from +$32.9M, driven by a $39.3M gain on sale of aircraft held for sale added as a reconciliation adjustment.
Company says errors came from 'Loss on extinguishment of debt' deducted rather than added, and from double-counting amounts already in Q4/FY2024 'Fleet modernization expense'.
Adjusted EBITDAR (updated definition) for FY2025 revised to -$78.3M from -$26.7M; FY2024 revised to -$85.9M from -$84.6M.
The 2Q 2026 Form 10-Q is not being amended; Wheels Up states the Q2 2026 unaudited financial statements and non-GAAP measures are unaffected.

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