Slide 1: FY2025 Half Year Results
Equity LSE: AVAP.L Warrants LSE: AVAW.L Bonds LU: AVTCAP FY2025 Half Year Results 25 February 2025 Jeff Chatfield Duncan Scott Iain Cawte Ashley Nicholas Executive Group General Chief Financial Corporate Finance Chairman Counsel Officer Director 1
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 of Avation as at December 2024
Snapshot of Avation as at 31 December 2024 Diversified Fleet and Customer Base 18%/55%/27% 32 15 Airline Customers split of located in 13 Widebody/narrowbody Aircraft Customers /turboprop aircraft by Countries value 7.9 Years 4.2 Years US$1.1bn US$365Mn Weighted Average Total asset value (1) Unearne
Slide 5: Aircraft Portfolio as at December 2024
Aircraft Portfolio as at 31 December 2024 Popular aircraft with low average age Balanced Fleet with Valuable Orderbook and Purchase Rights that By Aircraft Value create a significant growth opportunity Purchase Aircraft Type Fleet Orders Rights Turboprop Turboprop Aircraft 27% ATR 72-600 13 11 24 Wi
Slide 6: Airline Customers
Airline Customers 15 Airline Customers in 13 Countries Airline 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 Cebu Pacific ATR72-600 1 Cebu Pacific A320-200 1 Philippine Airli
Slide 7: Orderbook and Purchase Rights
Orderbook and Purchase Rights Orderbook • 11 ATR72-600 on order for delivery between Q1 2025 and Q2 2028. • Market value $23 million per aircraft. (1) • All aircraft feature latest PW127-XT engines and are expected to be 100% SAF compatible by end 2025. • Aircraft scheduled for delivery in March/Apr
Slide 8: HY2025 Results
avation PLC HY2025 Results
Slide 9: HY 2025 Summary
HY 2025 Summary Total Income EBITDA (1) US$55.4 million US$55.6 million HY 2024: $46.3 million HY 2024: $38.3 million Operating profit Profit after tax US$18.8 million US$0.87 million HY 2024: $17.5 million HY 2024: loss of $8.8 million Total Assets Net Indebtedness (2) US$1.1 billion US$606.3 milli
Slide 10: Debt Analysis
Debt Analysis HY2025 FY2024 Total loans and borrowings (US$ million) 638.4 675.1 Net indebtedness (US$ million) 606.3 651.5 Weighted average cost of debt 6.6% 6.4% Weighted average cost of secured debt 4.9% 4.8% Proportion of fixed/hedged interest rate debt 96.5% 96.4% Proportion of unsecured debt/t
Slide 11: Key Ratios
Key Ratios Comparative Ratios HY2025 FY2024 Net asset value per share (US$) (A) $3.67 $3.62 Net asset value per share (£) £2.94 £2.85 Lease yield (B) 11.4% 10.7% Admin expense (ex warrants)/Revenue (C) 8.3% 8.7% Credit Ratios Debt/Equity 2.6X 2.6x Net debt/EBITDA 5.7X 7.3X Net debt/Total assets 56.1
Slide 12: Liquidity Update as at December 2024
Liquidity Update as at 31 Dec 2024 Maturities and loan covenants: HY2025 FY2024 ➢ No significant loan maturities in Total cash $125.6m $117.9m FY25. Unrestricted $32.2m $23.6m ➢ Warehouse loan matures in Sept Restricted (1) $93.4m $94.3m 2026. ➢ $331.6m unsecured notes mature Finance lease $13.6m $4
Slide 13: Liability Structure & Loan Maturities
Liability Structure & Loan Maturities Secured loans Warehouse loan Unsecured notes 500 450 400 350 300 332 $m 250 200 150 100 41 50 8 64 76 48 30 34 11 19 0 2025 2026 2027 2028 2029 2030 2031 Avation is currently exploring options to refinance unsecured notes due October 2026 13
Slide 14: Lease Expiry Chart
Lease Expiry Chart 8 7 6 Number of aircraft 5 4 3 2 1 0 2025 2026 2027 2028 2029 2030 2031 2032 ATR 72-500 ATR 72-600 A320-200 A321-200 A220-300 A330-300 B777-300ER 14
Slide 15: Market outlook & Strategy
avation PLC Market outlook & Strategy
Slide 16: Air passenger market update
Air passenger market update Industry and regional RPK, ASK, and PLF growth in 2024 Source: IATA monthly statistics 16
Slide 17: Revenue concentration risk reducing
Revenue concentration risk reducing Aircraft per lessee 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Aircraft per lessee Aircraft per lessee (projected) Focus on reducing revenue concentration risk and improving credit quality 17
Slide 18: FY2025 Focus
FY2025 Focus • Asia-Pacific is the fastest growing regional market and is an important market • Continue to place ATR aircraft from our orderbook and 2025/26 lease expiries • Identify growth opportunities in the secondary market for leased narrowbody aircraft • Reduce revenue concentrations, boost f
Slide 19: Conclusion
Conclusion Strong air travel market, especially Asia Fleet fully utilised, in demand Access to growth via orderbook and secondary market Continuing to reduce revenue concentrations, boost credit risk profile Strong cashflow generation and reduced leverage provide a platform for growth 19
Slide 20: 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 Iain Cawte Ashley Nicholas Executive Chairman Group General Counsel Chief Financial Officer Corporate Finance Director jeff@avation.net duncan@avation.net ia