Aang Unangax̂ Shareholders & Descendants,
As winter moves into spring, we approach the close of a strong fiscal year on March 31. Aleut is on track to achieve another record year for revenue and EBITDA, reflecting a disciplined, balanced growth strategy designed to support long‑term sustainability rather than short‑term gains.
That discipline is especially evident in the performance of Aleut Federal, our largest subsidiary. While much of its work is tied to federal contracting, including the 8(a) program, recent headwinds have had minimal impact on its bottom line. This resilience reflects intentional portfolio diversification, reducing risk and strengthening Aleut’s financial position.
Strong financial performance allows us to invest directly in our shareholders and communities. This year, Aleut served more shareholders and descendants than ever and distributed more than $800,000 in scholarships through the Ulakaia Center, that’s an increase of 24% over last year. The 2026 dividend announcement will follow the close of our fiscal year, with details shared in early April. Updates will be available on our website, social channels, and via email.
Beyond our financial performance, Aleut remains deeply engaged in issues that affect our people and our region. At the February Board of Fisheries meetings, our communities showed up in force, submitting comments, attending meetings, and speaking directly to the Board. The decisions to restrict Area M are weighing heavy on our region and Aleut recognizes the significant impacts these decisions can have on our families, schools, and accessibility to basic needs. Aleut supports balanced approaches that respect science, sustainability, and the long‑term well‑being of our communities.
As we reflect on the year behind us, we remain equally focused on the opportunities ahead. In the coming fiscal year, we will reach several significant milestones, including the opening of the Aleut Hangar in Alabama and expanded service offerings through Aleut Ventures, such as a new pilot’s lounge in Cold Bay. These near‑term investments support a longer‑term strategic plan to reach $1 billion in revenue and $80 million in EBITDA by 2033, growth that would allow Aleut to triple shareholder dividends. This plan, first shared at last year’s annual meeting, is now underway. You can read all subsidiary updates by clicking the link here.
We also look forward to connecting with shareholders in the months ahead, including a Shareholder Informational Meeting on March 28 in Arizona and in‑region summer travel. Additional details will be shared soon; please see our calendar for the most current information.
Thank you for your continued trust and engagement as we build Aleut’s future.
Qaĝaasakung,
Skoey Aachax̂ Vergen
Aleut President & CEO
March 2026
Aang Shareholders and Descendants,
Dear Shareholders & Descendants,
As we approach the close of this fiscal year, the Aleut Board of Directors remains focused on what comes next, thoughtful planning, strong governance, and ensuring Aleut continues to grow in ways that serve our shareholders and communities.
This past year marked an important milestone in how Aleut supports our shareholders and communities. More than $6.5 million was invested in shareholder programs, including scholarships, distributions, and community support initiatives. These investments reflect our values of education, opportunity, and the well‑being of our people. As our shareholder base continues to grow, the Board is committed to ensuring our programs grow alongside it.
Congratulations to our winners of the 2025 Aleut Marketplace! Piama Oleyer of Unalaska and Steven Kashevarof of St. George Island are inspiring examples of how shareholder‑owned businesses strengthen our communities. Piama is preparing to open Bering Home, a 10‑bed assisted living facility in Unalaska, while Steven owns and operates Arlluk Charters, a marine transport and charter business based in Chenega. Supporting entrepreneurial efforts like these is one of the ways Aleut invests in long‑term economic opportunity for our people. Click here to read more about our winners.
Coming up in April, the Board nomination period will open and run through mid‑June. Serving on the Aleut Board of Directors is a meaningful opportunity for shareholders. As the corporation grows and evolves, it’s critical to have a board that can guide and govern that growth. We encourage interested shareholders to apply. More information will be shared as the nomination window opens.
We are excited to gather with shareholders in the months ahead. A Shareholder Informational Meeting will be held on March 28 in Scottsdale, Arizona, providing an opportunity for us to share updates and hear directly from you. If you’re a shareholder in the Phoenix area, we hope you can join us.
Another event many of us look forward to each year is the annual Shareholder Picnic. This year’s picnic will take place on Saturday, June 13, as we celebrate Aleut’s Incorporation Day. For more information and additional events, please see the our events calendar, linked here.
We are proud of Aleut’s accomplishments this year and remain committed to supporting a strong, sustainable Corporation for generations to come.
Qaĝaasakung,
Jenifer Samuelson Nelson
Aleut Board Chair
March 2026