Sky Harbour Group Corporation · NYSE:SKYH
Sky Harbour — Q3 2025 Earnings Presentation
17 slides from Sky Harbour's earnings presentation, Nov 12, 2025
Slide 1: Investor Presentation Q3 2025 Earnings Webcast
SKYH SKYH NYSE NYSE Investor 2025 Presentation Q3 Earnings Webcast Summer 2025 November 12 , 2025 th ©2025 Sky Harbour Proprietary
Slide 2: Disclaimer
DISCLAIMER General This presentation and information provided at a webcast or meeting at which it is presented (the “Presentation") is for informational purposes only to assist investors, prospective investors and other parties in making their own evaluation with respect to Sky Harbor Group Corporat
Slide 3: Disclaimer: Financial Information; Non-GAAP Measures
DISCLAIMER Financial Information; Non-GAAP Financial Measures Certain financial information and data contained in this Presentation is unaudited and does not conform to Regulation S -X or Regulation G. Accordingly, such information and data may not be included in, may be adjusted in, or may be prese
Slide 4: Presenters
PRESENTERS TAL FRANCISCO TIM KEINAN GONZALEZ HERR Chief Chief Treasurer & Executive Officer Financial Officer SVP Finance MICHAEL TORI ANDREAS SCHMITT PETRO FRANK Chief Accounting Accounting & Business Associate & Officer Finance Manager Assistant Treasurer ©2025 Sky Harbour Proprietary 3
Slide 5: Sky Harbour Group Corp Financial Results
SKY HARBOUR GROUP CORP FINANCIAL RESULTS Construction Accelerating, Increasing Revenues COST OF CONSTRUCTION AND CONSTRUCTED ASSETS QUARTERLY REVENUES OPERATING EXPENSES* (In millions) (In millions) (In millions) 300 8 8 7 7 250 6 6 200 5 5 150 4 4 3 3 100 2 2 50 1 1 0 0 0 Q1'22 Q2'22 Q3'22 Q4'22 Q1
Slide 6: Sky Harbour Capital - PABs Obligated Group
SKY HARBOUR CAPITAL - PABS OBLIGATED GROUP Step Up in 2025 with Three New Campus Openings COST OF CONSTRUCTION AND CONSTRUCTED ASSETS QUARTERLY REVENUES OPERATING EXPENSES* (In millions) (In millions) (In millions) 300 4 4 250 3.5 3.5 3 3 200 2.5 2.5 150 2 2 100 1.5 1.5 1 1 50 0.5 0.5 0 0 0 Q2'22 Q3
Slide 7: Adjusted EBITDA
ADJUSTED EBITDA Reporting of Quarterly Adjusted EBITDA Three Months Ended Adjusted EBITDA ($ in thousands) Reconciliation to GAAP Net Loss Adjusted EBITDA defined as net income before: 0 (i) depreciation and amortization expense (1,000) (ii) interest expense 1,939 (2,000) (iii) interest income 279 (
Slide 8: Site Acquisition
SITE ACQUISITION Reaffirming Guidance of 4 New Airport Announcements by Year-end (for a Total of 23 Airports) Sky Harbour Portfolio Square Footage in Operation and Development 17 4,000,000 18 1,595,880 3,592,980 3,500,000 10 8 12 11 3,000,000 16 4 14 5 13 2,500,000 15 2 972,782 19 2,000,000 6 Constr
Slide 9: Long Beach Airport (LGB)
LONG BEACH AIRPORT (LGB) New Airport in Los Angeles SKYH - Camarillo Expansion into Tier 1 LA Market 196k SF Campus, 2 phases Potential Stabilized Revenue: $10mm Accommodates largest business aircraft SKYH - Long Beach ©2025 Sky Harbour Proprietary 8
Slide 10: Leasing Update
LEASING UPDATE Campuses in Operation, Lease-Up, and Pre-Lease Preliminary data as of November 12, 2025 STABILIZED CAMPUSES CAMPUSES IN INITIAL LEASE-UP PRE-LEASING SGR BNA OPF 1 SJC CMA BFI DVT 1 ADS 1 APA 1 IAD 1 BDL 1 Revenue $1.4mm $4.7mm $6.9mm $4.0mm $3.5mm $1.0mm $1.7mm $1.6mm $0.7mm Run Rate
Slide 11: Obligated Group Modification
OBLIGATED GROUP MODIFICATION APA 2 out, ADS 2 in • Proposed Modification of Construction Program • Removal APA Phase 2 • Add ADS Phase 2 • Project Modification Provision per the Bonds’ Trust Indenture • Earlier completion • Expected lower total construction cost • Slightly higher projected revenues
Slide 12: $200 Million JPMorgan Drawdown Facility
$200 MILLION JPMORGAN DRAWDOWN FACILITY Projected Monthly Construction Spend and Facility Draws Benefits Funding Construction of BDL, SLC, POU1, ORL1, and TTN ▪ Tax-Exempt ▪ Delayed Equity Funding ▪ Draw Down/Issuance as Needed ▪ Optimized Timing of General $35,000,000 ▪ Swapped to Fixed Interest Ra
Slide 13: Permanent Capital: Key to Prudent Funding of Growth Capital
P E R M A N E N T C A P I TA L : K E Y T O P R U D E N T F U N D I N G O F G R O W T H C A P I TA L O P P O R T U N I S T I C A L LY US Treasuries and Cash (In millions) INTERNALLY GENERATED SKYH HOLDING ~$247.9 Million CASH FLOW COMPANY EQUITY Cash, $36,473 Treasuries, In lieu of a portion or all d
Slide 14: Q3 Highlights
Q3 HIGHLIGHTS 01 SITE ACQUISITION • 19 Airport ground leases and on track • Pursuing same-field expansion opportunities • Tier-1 Airport targeting 02 03 04 DEVELOPMENT LEASING OPERATIONS • Manufacturing in full gear • Stabilized campuses revenue growth post- • Nine fields operating • Construction ac
Slide 15: Looking Forward: Focus on Scale
LOOKING FORWARD Focus on Scale 01 SITE ACQUISITION • On course to meet 2025 acquisitions target • 2026: • Max revenue capture • Same-field expansion • Intimate market knowledge • Operational efficiencies 02 03 04 DEVELOPMENT LEASING OPERATIONS • Ready for 2026 surge • Team growth – veteran advantage
Slide 16: Questions
QUESTIONS ©2025 Sky Harbour Proprietary 15
Slide 17: Robust Project Returns / Scalability / Deep Competitive Moats
Robust Project Returns / Scalability / Deep Competitive Moats / Recession Resilience / Upside Optionality Contact Us: investors@skyharbour.group ©2025 Sky Harbour Proprietary