Slide 1: FY2026 Half Year Results
Equity LSE: AVAP.L Warrants LSE: AVAW.L FY2026 Half Year Results 3 March 2026 Jeff Chatfield Duncan Scott Ashley Nicholas Tim Bacchus Executive Group General Corporate Finance Investor Relations Chairman Counsel Director 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
avation PLC Overview
Slide 4: Snapshot at December 2025
Snapshot at 31 December 2025 Diversified Fleet and Customer Base 8%/61%/31% 33 16 Airline Customers in 15 Widebody/Narrowbody/Turbop Aircraft Customers Countries rop by value 8.8 Years 4.3 Years US$993M US$350M Average Average Remaining Lease Unearned contracted Aircraft Age Term Total asset value r
Slide 5: Aircraft Portfolio
Aircraft Portfolio Balanced fleet with Orderbook and Purchase Rights Aircraft Type By Net Book Value Current Purchase Aircraft Type Orders Widebody Fleet Rights 8% Turboprop Aircraft ATR 72-600 14 9 24 Turboprop 31% ATR 72-500 4 - - Narrow-body Aircraft A321-200 6 - - A320-200 3 - - A220-300 5 - - W
Slide 6: Customers
Customers 16 Airlines in 15 Countries Airline Aircraft Number Vietjet A321-200 6 Air Baltic A220-300 5 Aerlink ATR 72-500 3 Clic ATR 72-600 2 Alliance Air ATR 72-600 2 Braathens ATR 72-600 2 US Bangla ATR 72-600 2 PNG Air ATR 72-600 2 Cebu Pacific ATR72-600 1 Cebu Pacific A320-200 1 EVA Air A330-300
Slide 7: Recent highlights
Recent highlights • Redeemed US$298m 2026 bond, issued a US$300m unsecured bond due 2031. • Improved credit ratings: Moody’s B1, Fitch B, S&P B • One ATR 72-600 transitioned from Mandarin Airlines to PNG Air on a 6-year lease. • One new ATR 72-600 was delivered to Sum Air, Korea in December 2025 on
Slide 8: Orderbook and purchase rights
Orderbook and purchase rights Orderbook • Nine ATR 72-600 aircraft to be delivered by 2Q28. • Two ATR 72-600 delivering 2026 to go on 12-year leases to Cambodia Airways. • All new ATR aircraft have latest PW127-XT engines expected to be 100% SAF compatible. Purchase Rights • 24 ATR 72 purchase right
Slide 9: Projected fleet growth
Projected fleet growth Number of aircraft 45 39 40 37 1 34 1 35 33 1 2 14 30 14 14 25 14 20 15 24 22 10 19 17 5 0 FY2025A FY2026E FY2027E FY2028E Turboprop Narrowbody Widebody Note: Fleet projections based on latest ATR delivery guidance and exclude any future secondary market purchases or sales.
Slide 10: HY2026 Results
avation PLC HY2026 Results
Slide 11: HY 2026 Summary
HY 2026 Summary Total Income EBITDA (1) US$56.0 million US$54.0 million HY 2025: $55.4 million HY 2025: $55.6 million Operating profit Loss after tax US$29.3 million US$4.9 million HY 2025: $18.8 million HY 2025: profit of $0.87 million Total Assets Total cash balances US$992.5 million US$104.8 mill
Slide 12: HY 2026 explanatory notes
HY 2026 explanatory notes Operating profit includes the non-cash impact of revaluation of aircraft purchase rights $000’s HY2026 HY2025 Operating profit 29,258 18,816 Unrealised loss/(gain) on aircraft purchase rights and pre- 4,234 15,389 delivery aircraft deposits paid 33,492 34,305 Loss before ta
Slide 13: Debt Analysis
Debt Analysis HY2026 FY2025 Total loans and borrowings (US$ million) 588.7 652.3 Net indebtedness (US$ million) 542.7 604.2 Weighted average cost of debt 6.8% 6.6% Weighted average cost of secured debt 5.1% 5.2% Proportion of fixed/hedged interest rate debt 84.0% 84.2% Proportion of unsecured debt/t
Slide 14: Key Ratios
Key Ratios Comparative Ratios HY2026 FY2025 Net asset value per share (US$) (A) $3.70 $3.66 Net asset value per share (£) £2.74 £2.67 Lease yield (B) 11.5% 11.3% Admin expense (ex warrants)/Revenue (C) 9.7% 7.9% Credit Ratios Debt/Equity 2.6x 2.7x Net debt/EBITDA 5.1x 5.6X Net debt/Total assets 54.7
Slide 15: Liquidity Update as at Dec 2025
Liquidity Update as at 31 Dec 2025 HY2026 FY2025 Principal uses of cash: Operating cashflow (1) $39.9m $82.2m • Capex and PDPs paid for aircraft and engine $22.5m Total cash $104.8m $130.0m • Share buybacks $10.1m Unrestricted $46.0m $48.1m • Bond repurchases $13.2m Restricted (2) $58.8m $81.9m Fina
Slide 16: Debt maturity profile
Debt maturity profile Loan maturities 350 329 300 250 $m 200 300 150 127 - 100 127 40 50 30 - 26 25 - 20 - - 40 - 30 25 26 29 20 - 2H2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 Secured loans Unsecured
Slide 17: Lease expiry profile
Lease expiry profile Weighted average remaining lease term increased to 4.3 years
Slide 18: Market outlook & Strategy
avation PLC Market outlook & Strategy
Slide 19: Favourable leasing market dynamics
Favourable leasing market dynamics Avation’s diversified fleet demonstrates strategic alignment with the Avation is set to benefit from the strong growth in global air traffic market’s anticipated demand shifts Global RPKs (trillions) Cumulative demand of new aircraft from 2025 - 2044 12 RPKs now ba
Slide 20: ATR turboprop opportunity
ATR turboprop opportunity Strong demand for new turboprop aircraft is expected Source: ATR Avation has 9 firm orders and holds purchase rights for 24 additional ATR aircraft
Slide 21: Growth strategy and company vision
Growth strategy and company vision • Grow aircraft fleet to boost revenue (new deliveries, secondary market) Grow revenue and earnings • Maintain efficient cost of capital with tight control of overheads • 9 ATRs on order for delivery to Q2 2028 Prudently grow fleet portfolio • Acquire additional na
Slide 22: Summary
Summary Avation is a full-service leasing platform with a proven track record Contracted lease portfolio provides consistent, visible cash flow Stable capital structure with extended debt maturity profile & improved credit ratings Focus on diversification via addition of new customers and markets Gr
Slide 23: Question & Answer Section
Question & Answer Section Avation PLC 65 Kampong Bahru Road Singapore 169370 Phone: + 65 6252 2077 www.avation.net Jeff Chatfield Duncan Scott Ashley Nicholas Tim Bacchus Executive Chairman Group General Counsel Corporate Finance Director Investor Relations Director jeff@avation.net duncan@avation.n