Ernesto Bertarelli, K.C. Armada report 25.3% and 21.3% stakes in Madison Air (MAIR)

Rhea-AI Filing Summary

Madison Air Solutions Corp Schedule 13G joint filing reports Ernesto Bertarelli and K.C. Armada, LP as significant holders of Class A Common Stock. Mr. Bertarelli is reported with 44,841,071 shares (representing 25.3%) and K.C. Armada with 37,616,998 shares (21.3%) based on 176,888,113 shares outstanding as of April 17, 2026.

The filing states the shares are held in part by K.C. Armada, LP and Kedge Capital Principal Opportunities V, LP; Bertarelli may be deemed to beneficially own the holdings of those entities. The submission is a joint filing and includes a power of attorney and joint filing agreement.

Insights

Institutional Ownership Analyst

Two related reporting persons disclose sizable stakes in Class A shares.

The filing lists 44,841,071 shares (25.3%) for Ernesto Bertarelli and 37,616,998 shares (21.3%) for K.C. Armada, based on April 17, 2026 outstanding figures. The percentages are calculated from 176,888,113 shares outstanding stated in the issuer's prospectus.

These positions are shown as shared voting and dispositive power and are reported via a joint filing. Subsequent disclosures may detail whether these holdings are passive or coordinated, and any changes will appear in updated filings.

Corporate Governance Specialist

Beneficial ownership is reported through affiliated entities with shared control.

The cover-page rows and Item 4 link the disclosed shares to K.C. Armada, LP and Kedge Capital Principal Opportunities V, LP and state Ernesto Bertarelli "may be deemed to beneficially own" those holdings. Signatures include an attorney-in-fact and the general partner's director.

Because power is shown as shared voting/dispositive power, look for future amendments or Schedule 13D filings if active coordination or intentions to influence corporate policy are declared.

Key Figures

Shares outstanding: 176,888,113 shares Ernesto Bertarelli holdings: 44,841,071 shares Bertarelli percent of class: 25.3% +2 more

5 metrics

Shares outstanding 176,888,113 shares as of April 17, 2026

Ernesto Bertarelli holdings 44,841,071 shares reported on Schedule 13G

Bertarelli percent of class 25.3% calculated from outstanding shares as of April 17, 2026

K.C. Armada holdings 37,616,998 shares reported on Schedule 13G

K.C. Armada percent of class 21.3% calculated from outstanding shares as of April 17, 2026

Key Terms

beneficially own, shared dispositive power, Schedule 13G, Prospectus on Form 424B4

4 terms

beneficially own regulatory

"Ernesto Bertarelli may be deemed to beneficially own the shares held"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

shared dispositive power regulatory

"Shared Dispositive Power 44,841,071.00"

Schedule 13G regulatory

"This is filed by Ernesto Bertarelli and K.C. Armada, LP"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Prospectus on Form 424B4 regulatory

"as reported in the Issuer's Prospectus on Form 424B4 filed"

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Madison Air Solutions Corp

(Name of Issuer)

Class A Common Stock

(Title of Class of Securities)

55658T105

(CUSIP Number)

05/15/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 55658T105

1

Names of Reporting Persons

Ernesto Bertarelli

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SWITZERLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 44,841,071.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 44,841,071.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

44,841,071.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

25.3 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Rows 6, 8 and 9 include (i) 37,616,998 shares of Class A common stock held by K.C. Armada, LP and (ii) 7,224,073 shares of Class A common stock held by Kedge Capital Principal Opportunities V, LP. Ernesto Bertarelli may be deemed to beneficially own the shares held by K.C. Armada, LP and Kedge Capital Principal Opportunities V, LP.

SCHEDULE 13G

CUSIP Number(s): 55658T105

1

Names of Reporting Persons

KC Armada LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

JERSEY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 37,616,998.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 37,616,998.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

37,616,998.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

21.3 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Rows 6, 8 and 9 represent 37,616,998 shares of Class A common stock held by K.C. Armada, LP.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Madison Air Solutions Corp
(b)	Address of issuer's principal executive offices: 444 West Lake Street, Suite 4460 Chicago IL 60606
Item 2.
(a)	Name of person filing: This Schedule 13G is filed by Ernesto Bertarelli and K.C. Armada, LP, a Jersey limited partnership (each a "Reporting Person" and collectively the "Reporting Persons").
(b)	Address or principal business office or, if none, residence: The principal business address for the Reporting Persons is Gaspe House, 2nd Floor, 66-72 Esplanade, St Helier, JE1 1GH Jersey.
(c)	Citizenship: The information set forth in Row 4 of the cover page for each of the Reporting Persons is incorporated herein by reference.
(d)	Title of class of securities: Class A Common Stock
(e)	CUSIP Number(s): 55658T105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information set forth in Row 9 of the cover page for each of the Reporting Persons is incorporated herein by reference.
(b)	Percent of class: The information set forth in Row 11 of the cover page for each of the Reporting Persons is incorporated herein by reference. [The percentages of class set forth in this Schedule 13G are calculated based upon an aggregate of 176,888,113 shares of Class A common stock outstanding as of April 17, 2026, as reported in the Issuer's Prospectus on Form 424B4 filed with the Securities and Exchange Commission on April 17, 2026.]
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information set forth in Row 5 of the cover page for each of the Reporting Persons is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information set forth in Row 6 of the cover page for each of the Reporting Persons is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information set forth in Row 7 of the cover page for each of the Reporting Persons is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information set forth in Row 8 of the cover page for each of the Reporting Persons is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Ernesto Bertarelli

Signature:	/s/ Edward Butler
Name/Title:	Attorney-in-Fact for Ernesto Bertarelli
Date:	05/15/2026

KC Armada LP

Signature:	/s/ Andrew Le Gal
Name/Title:	Director of Kedge Capital PE FoF GP Limited, General Partner of KC Armada, LP
Date:	05/15/2026

Exhibit Information

Exhibit 99.1: Joint Filing Agreement Exhibit 99.2: Power of Attorney

FAQ

What stake does Ernesto Bertarelli report in Madison Air Solutions (MAIR)?

Ernesto Bertarelli is reported to beneficially own 44,841,071 shares, representing 25.3% of Class A common stock. The percentage is calculated from 176,888,113 shares outstanding as of April 17, 2026 per the issuer's prospectus.

How many shares does K.C. Armada hold according to the filing?

K.C. Armada, LP is reported to hold 37,616,998 shares of Class A common stock, equal to 21.3% of the class. These figures are taken from the cover-page rows incorporated into Item 4 of the Schedule 13G.

On what basis were the ownership percentages calculated in this Schedule 13G?

The percentages are calculated using an aggregate of 176,888,113 shares outstanding as of April 17, 2026, as reported in the issuer's Prospectus on Form 424B4 filed April 17, 2026. That outstanding share count is the denominator for the percentages.

Do the filings show who controls voting or disposition of the shares?

The cover page reports shared voting and dispositive power for the listed holdings. Rows indicate zero sole voting/dispositive power and the listed shared power amounts; the filing incorporates those cover-page figures into Item 4.