The properties of a non-relativistic magnetised low-beta electron–positron plasma in slab geometry are investigated. The two species are taken to be drift kinetic while we retain Larmor radius effects in quasi-neutrality, and inertia in Ohm’s law. A linear analysis shows that, for small magnetic perturbations, Alfvénic perturbations travel at the electron Alfvén speed, which is based on the electron mass. We discuss the role of the displacement current when Larmor-scale and Debye-scale effects are both retained. We predict the existence of a kinetic electron Alfvén wave which connects to the K-modes of Mishchenko et al. (J. Plasma Phys., 2017 (submitted)) in the electrostatic limit. It is found that linear drift waves are not supported by the system if the two species have the same temperature. Tearing modes can be driven unstable by equilibrium current density gradients. Also in this case, the characteristic time is based on the electron Alfvén speed. Nonlinear hybrid fluid-kinetic equations are also derived. It is shown that each species is described, to leading order, by the kinetic reduced electron heating model (KREHM) kinetic equation of Zocco & Schekochihin (Phys. Plasmas, vol. 18, 2011, 102309). The model is extended to retain first-order Larmor radius effects. It supports collisionless dispersive waves, which can greatly impact nonlinear magnetic reconnection. Diamagnetic effects enter the nonlinear equations via the first-order magnetic compressibility. A minimal nonlinear model for two-dimensional low-frequency isothermal pair plasmas is derived.