ALLIANCE AVIATION SERVICES LIMITED (AQZ)
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24/02/2026

3

Hold

$0.75

7.14%

Alliance Aviation Services delivered a weak result, Morgans notes, following a -$164.8m impairment charge, that delivered a statutory loss for 1H26. The company closed 1H26 with $433m in net debt, materially above the previously guided FY26 year end level of $392m.

With debt facilities now fully drawn, 2H26 cash generation becomes critical, Morgans warns. Underlying revenue was up 8% year on year, however operating cost inflation running ahead of CPI is having a detrimental impact on the earnings outlook.

Target falls to 75c from $1.50, Hold retained.

FORECAST
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of 6.10 cents.

01/09/2026

3

Hold

$0.92

31.43%

Canaccord Genuity maintains a Hold rating for Alliance Aviation Services with its target price increased to $0.92 from $0.81 following a disappointing FY26 result featuring a -53% drop in profit before tax.

The company reported a -14% decline in EBITDA driven by lower margins per aircraft alongside negative free cash flow and a 22% increase in net debt.

To improve the balance sheet, management raised $40m in new equity and negotiated more favourable terms for the Qantas ((QAN)) wet lease agreement.

Canaccord Genuity notes the financial position has improved but management faces significant work ahead to realise margin and cash conversion expectations.

Earnings per share estimates are lowered by -6% for FY27 to reflect the equity raising dilution, while the revised target incorporates a -40% discount for ongoing operational and financial risks.