The ultrafast dynamics of surface electromagnetic waves photogenerated on aluminum film perforated with subwavelength holes array was studied in the visible spectral range by the technique 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 optical response of nanohole arrays. The blueshift is inconsistent with plasmonic mechanism of extraordinary transmission and points to the crucial role of interference in the formation of transmission bands. 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.