We study the ultrafast dynamics of surface electromagnetic waves photogenerated on aluminum film perforated with subwavelength holes array by means of transient photomodulation with 100 fs time resolution. We observed a pronounced blueshift of the resonant transmission band that reveals the important role of plasma attenuation in the dynamics and that is inconsistent with plasmon-polariton mechanism of extraordinary transmission. The transient photomodulation spectra were successfully modeled within the Boltzmann equation approach for the electron-phonon relaxation dynamics, involving non-equilibrium hot electrons and quasi-equilibrium phonons.