I don't share your concerns about the level of debt now or going...

I don't share your concerns about the level of debt now or going forward - market sentiment can change here in the not too distant future.
Firstly interest costs in the half year to 31Dec24 were $16mil or less than 5% of total revenue for the half of $339mil
They had gross debt of A$445mil(ignoring lease liabilities of A$40mil that expire in 2042 and are repaid at around $2.5mil/pa) and they have capital commitments of US$103mil(A$160mil) at 31Dec24 for the final 13 E190's over the next two years to 31Dec26.
Their FY25 guidance for EBITDA is A$205-210mil - they are not currently paying any Corporate Tax and if you said their interest costs are A$35mil/pa currently then they are generating A$170mil to repay debt - adding 31Dec24 gross debt of A$445mil plus commitments of A$160mil = A$605mil so by 31Dec26 they should be able to reduce gross debt by A$340mil to a comfortable ~A$265mil - every business should have debt otherwise you're not working the Balance Sheet as you should.
As per that slide presentation, their target Net Debt by 30Jun26 is A$315mil to A$360mil giving a net debt to EBITDA ratio of 1.5-1.7times - again that is comfortable IMO. I've always found their projections to be conservative/accurate.
Hopefully the weather and the unions will be kind to them going forward - happy to hold for future dividends by 2027 at the latest.