Statement Regarding SAS Airways Aviation Academy
France

16 January 2026

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Airways Aviation Group wishes to provide thefollowing statement in relation to SAS Airways Aviation Academy -France, further to recent developments in the French court-supervisedproceedings.

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Court Decision and Procedural Outcome

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Following a decision of the French Commercial Court, the Groups French operating entity known as SAS Airways Aviation Academy, based in Montpellier, France, will enter a court-ordered liquidation process with effect from 23 January 2026.

This procedural outcome has been reached after court oversight and recommendations. While this decision brings the French entity’s operations to an end, it must be clearly understood in its proper context.

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Background: Criminal Attack and Operational Impact

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The events leading to this outcome stem from a criminal arson attack on 20 May 2025 at Montpellier–Méditerranée Airport, during which 13 aircraft and critical operational assets were attacked, including the total destruction of several aircraft. The incident occurred within a secured airport zone and had immediate and devastating consequences for the French operation.

This was an extraordinary and external event that fundamentally disrupted the Company’s ability to operate as a going concern.

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Efforts to Stabilise and Recover

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Since the attack, the Company and its shareholder have committed substantial financial resources, management effort and operational support to stabilise the business. These efforts included:

• maintaining training facilities and infrastructure;

• supporting students, instructors and staff during a period of extreme uncertainty;

• engaging constructively with administrators, regulators and stakeholders; and

• exploring all reasonable pathways to recovery and continuation.

Despite these sustained and good-faith efforts, the Court has determined that liquidation is the appropriate procedural outcome for the French entity.

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Impact on Students, Staff and Creditors

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We fully recognise that this decision has significant consequences for students, cadets, employees, instructors and creditors and we express our sincere regret and empathy for the disruption and uncertainty this situation has caused.

Throughout this process, our priority has been (and remains) to act responsibly, transparently and in good faith and to engage constructively with all stakeholders affected by these events.

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Victim Status and Ongoing Legal Proceedings

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It is important to state clearly and unequivocally that SAS Airways Aviation Academy France is the victim of a catastrophic criminal act, compounded by serious operational failures that are now the subject of formal legal proceedings.

In this context, the Company and its estate stakeholders have served a legal claim against SA Aéroport de Montpellier Méditerranée, seeking compensation for several tens of millions of euros. The claim addresses, among other matters:

• destruction and damage to aircraft and operational assets;

• loss of operational capacity and revenue;

• loss of enterprise value and goodwill;

• reputational damage; and

• the forced cessation of the Montpellier business.

This claim has been prepared following extensive professional and legal advice and is now proceeding through active legal escalation.

Independent professional advice confirms that the case against Aéroport de Montpellier Méditerranée is strong and that the issues of liability, causation and compensation will now be determined through mediation and/or by the French courts.

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Cooperation with the Court-Appointed Liquidator andStudent Transition Support

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In parallel, the Shareholder intends to work constructively and transparently with the Court-appointed Liquidator to ensure that the Company’s legal claim is actively preserved and pursued as a material asset of the estate, in the interests of creditors and other stakeholders.

Subject always to the authority of the Court and without prejudice to any party’s rights, the Company has also indicated its willingness to engage in good-faith discussions with the Liquidator and relevant stakeholders to explore whether alternative training pathways or transition solutions may be identified for affected students and cadets, to the extent reasonably possible within the applicable legal and procedural framework.

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Position of the Airways Aviation Group and ESMA Brand

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The liquidation of the French operating entity does not reflect a failure of the Airways Aviation

Group or the ESMA brand.

Both remain internationally recognised, active and committed to the highest standards of aviation training, safety and regulatory compliance across other parts of the Group’s global network.

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Looking Forward

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While the Court’s decision marks the conclusion of the French entity’s operations, it does not mark the end of accountability. The Group remains fully committed to pursuing the legal process to its conclusion, in the interests of the estate, creditors and all affected stakeholders.

Further updates will be provided as appropriate and in accordance with ongoing legal proceedings.

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We recognise that this decision raises important and understandable questions for students, cadets and other affected parties.

To assist with clarity, a Student FAQ has been prepared which addresses the most common questions and explains the practical implications of this decision within the applicable legal and procedural framework. Please see the Student FAQ below.

In addition, a dedicated contact channel has been established to ensure that enquiries are handled in an orderly, accurate and timely manner. This channel is intended to support those directly affected and to provide information consistent with the limits imposed by the court-supervised process.

Enquiries may be directed to the following dedicated email address:

infofrance@airwaysaviation.com

We sincerely regret the uncertainty and distress this situation has caused and thank all affected parties for their patience and understanding during this exceptionally difficult period.