Slide 1: Financial Year 2025 Results
Equity Ticker LSE: AVAP Bond Ticker LU: AVTCAP Financial Year 2025 Results 2 October 2025 Jeff Chatfield Iain Cawte Duncan Scott Soeren Ferre Ashley Nicholas Executive Chairman Chief Financial Group General Chief Commercial Corporate Finance 1 Officer Counsel Officer Director
Slide 2: Important Notice
Important Notice Some of the statements in this presentation constitute “forward-looking statements” that do not directly or exclusively relate to historical facts. These forward-looking statements reflect the Company’s current intentions, plans, expectations, assumptions and beliefs about future ev
Slide 3: Overview
avadtion PLC Overview
Slide 4: Snapshot of Avation at 30 June 2025
Snapshot of Avation at 30 June 2025 Diversified Fleet and Customer Base 16 airline 17%/57%/26% Credit ratings of 33 B1/B/B- customers in Aircraft 14 countries Widebody/narrowbody /turboprop by value Moody’s/Fitch/S&P 8.5 Years 3.9 Years US$1.1Bn US$361Mn Weighted Average Total asset value (1) Unearn
Slide 5: Aircraft Portfolio as at 30 June 2025
Aircraft Portfolio as at 30 June 2025 Popular aircraft with low average age Balanced Fleet with valuable orderbook and purchase rights that By Aircraft Net Book Value create a significant growth opportunity Purchase Aircraft Type Fleet Orders Rights Turboprop Aircraft ATR 72-600 13 10 24 Turboprop A
Slide 6: Airline Customers
Airline Customers 16 Airline Customers in 14 Countries Airlines Aircraft Number Vietjet A321-200 6 Air Baltic A220-300 5 Aerlink ATR 72-500 3 Mandarin ATR 72-600 3 Alliance Air ATR 72-600 2 Braathens ATR 72-600 2 US Bangla ATR 72-600 2 Etihad Airways A320-200 1 Cebu Pacific ATR72-600 1 A320-200 1 Ph
Slide 7: FY2025 Results
avadtion PLC FY2025 Results
Slide 8: Highlights FY2025
Highlights FY2025 Aircraft acquisitions • 2x ATR 72-600 delivered from orderbook and immediately sold • Airbus A320-200 on lease to Etihad Airways acquired in March 2025 Aircraft sales • 2x ATR 72-600 sold to the lessee pursuant to exercise of purchase options • Sale of Boeing 777-300ER completed in
Slide 9: Highlights FY2025
Highlights FY2025 Orders & purchase rights • 10 ATR72-600 to be delivered over the period from Q4 2025 to Q2 2028 • Purchase rights for 24 additional ATR aircraft for delivery by June 2034 New credit ratings • Moody’s assigned a Long-Term Corporate Family Rating of ‘B1’ (stable outlook) to Avation i
Slide 10: FY 2025 Summary
FY 2025 Summary Total Income EBITDA US$112.5 million US$107.1 million FY 2024: $96.0 million FY 2024: $89.0 million Operating profit Loss after tax US$46.4 million US$7.7 million FY 2024: $83.2 million FY 2024: profit $19.7 million Total Assets Total cash balances US$1.10 billion US$130.0 million FY
Slide 11: FY 2025 explanatory notes
FY 2025 explanatory notes Operating profit includes the non-cash impact of revaluation of aircraft purchase rights FY2025 FY2024 Operating profit 46,444 83,218 Unrealised loss/(gain) on aircraft purchase rights and pre- 21,643 (46,886) delivery aircraft deposits paid 68,087 36,332 Loss before tax in
Slide 12: Debt Analysis
Debt Analysis FY2025 FY2024 Total loans and borrowings (US$ million) 652.3 675.1 Net indebtedness (US$ million) 604.2 651.5 Weighted average cost of debt 6.6% 6.4% Weighted average cost of secured debt 5.2% 4.8% Proportion of fixed/hedged interest rate debt 84.2% 96.4% Net debt/Total assets 54.8% 57
Slide 13: Liability Structure & Loan Maturities
Liability Structure & Loan Maturities Loan maturities (30 June 2025) 450 400 384 350 300 $m 250 310 200 150 125 100 70 9 125 50 36 23 24 27 61 16 38 23 24 27 - 16 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 Secured loans Warehouse loan Unsecured 13
Slide 14: Key Ratios
Key Ratios Comparative Ratios FY2025 FY2024 Net asset value per share (US$) (A) $3.66 $3.62 Net asset value per share (£) £2.67 £2.85 Lease yield (B) 11.3% 10.7% Admin expense (ex warrants)/Revenue (C) 7.9% 8.7% Credit Ratios: FY2025 FY2024 Debt/Equity 2.7x 2.6x Net Debt/EBITDA (D) 5.6X 7.3x FFO/Deb
Slide 15: Liquidity Update
Liquidity Update FY2025 FY2024 Maturities and loan covenants: Operating cashflow $91.5m $81.6m Warehouse loan substantially repaid with sale of 777-300ER in September Total cash $130.0m $117.9m All debt current, covenants complied with. Unrestricted $48.1m $23.6m Restricted $81.9m $94.3m Unsecur
Slide 16: Outlook & Strategy
avadtion PLC Outlook & Strategy
Slide 17: FY2026 Focus
FY2026 Focus • Refinance unsecured 8.25%/9.0% notes due Oct 2026 • Transition 4 ATRs to new lessees at lease expiry • Take delivery of 2-3 new ATRs from our orderbook • Identify opportunities to grow the narrowbody fleet in the secondary market 17
Slide 18: FY2026 deliveries and transitions
FY2026 deliveries and transitions New aircraft deliveries Aircraft MSN Scheduled Customer Status delivery date ATR 72-600 1745 November 2025 Sum Air 12Y lease signed ATR 72-600 1751 February 2026 Cambodia Airways 12Y lease signed ATR 72-600 TBC June 2026 - - Lease transitions Aircraft MSN Scheduled
Slide 19: ATR turboprop orderbook
ATR turboprop orderbook Strong demand for new turboprop aircraft is expected Source: ATR Avation has placed 10 firm orders and holds purchase rights for 24 additional ATR aircraft
Slide 20: Summary
Summary Strong liquidity/cash generation Credit ratings improved Bond refinance in focus FY2026 lease transitions proceeding Orderbook & APRs provide fleet growth 20
Slide 21: Question & Answer Section
Question & Answer Section Avation PLC 65 Kampong Bahru Road Singapore 169370 Phone: + 65 6252 2077 www.avation.net Jeff Chatfield Iain Cawte Soeren Ferre Executive Chairman Chief Financial Officer Chief Commercial Officer jeff@avation.net iain@avation.net soeren@avation.net Duncan Scott Ashley Nicho