Sky Harbour Group Corporation · NYSE:SKYH
Sky Harbour — Debt Investor Presentation (January 2026)
39 slides from Sky Harbour's debt investor presentation, Jan 12, 2026
Slide 1: Investor Presentation: $100,000,000 Revenue Bonds, Series 2026
SKYH SKYH NYSE NYSE Investor Presentation Public Finance Authority $100,000,000 Revenue Bonds Sky Harbour Capital III LLC Aviation Facilities Project, Series 2026
Slide 2: Disclaimer
Disclaimer The investor presentation that you are about to view (the “Presentation”) relates to a proposed offering by the Public Finance Authority (the “Issuer”) of its $100,00,000* Revenue Bonds (Sky Harbour Capital III LLC General Aviation Facilities Projects), Series 2026 (the “Series 2026 Bonds
Slide 3: Table of Contents
Table of Contents Section 1. Transaction Overview Section 2. Introduction to Sky Harbour Section 3. The Obligated Group Overview Section 4. Construction and Delivery Approach Section 5. Portfolio II and the 2026 Projects Section 6. Plan of Finance Section 7. Appendix 3
Slide 4: Transaction Overview
Transaction Overview Issuer Public Finance Authority (“PFA”) Borrower Sky Harbour Capital III LLC Issue Revenue Bonds (Sky Harbour Capital III LLC Aviation Facilities Project) Series 2026 (the “Bonds”) Par Amount* $100,000,000 Tax-Status Tax-Exempt (AMT) Security (i) Pledged Accounts consisting of t
Slide 5: Section 1. Transaction Overview
Section 1. Transaction Overview Section 2. Introduction to Sky Harbour Section 3. The Obligated Group Overview Section 4. Construction and Delivery Approach Section 5. Portfolio II and the 2026 Projects Section 6. Plan of Finance Section 7. Appendix 5
Slide 6: Overview of Company and Business Strategy
Overview of Company and Business Strategy Sky Harbour is an aviation infrastructure development company that designs, builds, finances, and operates general aviation hangars for business aircraft across the United States. The Company is publicly traded (NYSE: SKYH) with a market capitalization of $7
Slide 7: Company Growing a Geographically Diversified Campus Portfolio
Company Growing a Geographically Diversified Campus Portfolio While tapping diverse sources of equity and debt financing Opens first campus in Sugar Opens campus at Miami Acquires Stratus, a Opens new campuses in Hangar campus acquisition Sky Harbour is founded Land Regional Airport in Opa-Locka Exe
Slide 8: Business Aviation Suffers from Chronic Hangar Deficit
Business Aviation Suffers from Chronic Hangar Deficit 100,000,000 Business aviation aircraft with >24’ tail heights have increased 62% Increase Consistent Demand Growth over pre-COVID Decade 90,000,000 • 36,800,000 square feet net growth in US business aviation (BizAv) fleet 80,000,000 • 18,200,000
Slide 9: Sky Harbour's Differentiated & Superior Model
Sky Harbour’s Differentiated & Superior Model HBO model provides stable, growing, contracted cashflows Home Base Operators (HBOs) Fixed-Based Operators (FBOs) Business Model Medium to long-term leases to residents Transient traffic and fuel sales Differentiation Premium real estate at constrained ai
Slide 10: Building the Sky Harbour Portfolio
Building the Sky Harbour Portfolio Leveraging first-mover advantage in an under-invested aviation segment with significant barriers to entry 5 Target Development Cost: ~$300 / ft Attractive Unit • • Target Average Annual Rent: ~$40 / ft Economics(1) • Target NOI Yield: ~13% 4 • Diversified resident
Slide 11: Section 2. Introduction to Sky Harbour
Section 1. Transaction Overview Section 2. Introduction to Sky Harbour Section 3. The Obligated Group Overview Section 4. Construction and Delivery Approach Section 5. Portfolio II and the 2026 Projects Section 6. Plan of Finance Section 7. Appendix 11
Slide 12: Sky Harbour Obligated Group Since 2021
Sky Harbour Obligated Group Since 2021 1. Houston-Sugar Land (SGR) Initial Construction Issues & Subsequent Action Map of the Obligated Group 2. Nasvhille (BNA) 3. Miami-Opa-Locka (OPF) • While several of the Series 2021 Obligated Group projects experienced COVID-driven 4. Denver-Centennial (APA) co
Slide 13: Obligated Group Occupancy Update
Obligated Group Occupancy Update Stabilized campuses approaching 100%+ occupancy PHASES UNDER STABILIZED PHASES PHASES IN INITIAL LEASE-UP CONSTRUCTION SGR BNA OPF 1 DVT 1 ADS 1 APA 1 OPF 2 ADS 2 TOTAL Rentable SF1 66,080 149,069 160,092 134,270 118,602 130,664 111,720 108,320 978,817 Private SF 66,
Slide 14: Higher Leasing Rates vs. Originally Forecasted Have Improved OG Projected Coverage
Higher Leasing Rates vs. Originally Forecasted Have Improved OG Projected Coverage Underwritten Market Leasing Assumptions ($/RSF) 6.00x Location SGR BNA OPF1 DVT1 APA1 ADS1 5.00x 2021 CBRE $23.25 $28.00 $32.50 $26.00 $32.50 4.00x Projections BA Report $20.32 $28.00 $35.25 $28.00 $38.50 $33.00 3.00x
Slide 15: Obligated Group Financial Performance to Date
Obligated Group Financial Performance to Date Strong cash flow generation driven by new campus openings, high rents, increasing occupancy, and operating leverage COST OF CONSTRUCTION AND CONSTRUCTED ASSETS QUARTERLY REVENUES OPERATING EXPENSES* (In millions) (In millions) (In millions) 300 4 4 250 3
Slide 16: Demonstrated Performance Permeating Across National Footprint
Demonstrated Performance Permeating Across National Footprint Sky Harbour currently manages over 1,000,000 rentable square footage across 61 hangars Operating Campuses Select Assets Completion Number of Rentable Name of Airport City / State Date Hangars Square Footage Sugar Land Regional (SGR) Sugar
Slide 17: Section 3. The Obligated Group Overview
Section 1. Transaction Overview Section 2. Introduction to Sky Harbour Section 3. The Obligated Group Overview Section 4. Construction and Delivery Approach Section 5. Portfolio II and the 2026 Projects Section 6. Plan of Finance Section 7. Appendix 17
Slide 18: Construction Scale-Up While Lowering Unitary Cost
Construction Scale-Up While Lowering Unitary Cost Continued Vertical Integration, Expanded Leadership Construction Stack Intended Effect Benefit 2026 Subcontracting 2026 General Contracting Cost 2025 Pre-Construction Services Speed Unit Economics Q3-Q4 2025 Q3-Q4 Architecture and Engineering Build Q
Slide 19: Standard Design Lowers Cost, Minimizes Risk, Expedites Construction
Standard Design Lowers Cost, Minimizes Risk, Expedites General Contractor-Onboarding, Permitting, and Construction Proprietary prototype design, requiring minimal adaptation to local conditions and codes • Lowers costs • Minimizes development risk o Code compliance precedent o Minimal change orders
Slide 20: Ascend Aviation Services and Stratus Building Systems
Ascend Aviation Services and Stratus Building Systems Configured for Scale and seamless execution Ascend Overview Stratus Overview • “In-house” general contractor onboarded in 2025 for Sky Harbour construction • “In-house” pre-engineered metal building (PEMB) manufacturer dedicated to SH and based i
Slide 21: Section 4. Construction and Delivery Approach
Section 1. Transaction Overview Section 2. Introduction to Sky Harbour Section 3. The Obligated Group Overview Section 4. Construction and Delivery Approach Section 5. Portfolio II and the 2026 Projects Section 6. Plan of Finance Section 7. Appendix 21
Slide 22: Overview of Drawdown Facility & Portfolio II
Overview of Drawdown Facility & Portfolio II Credit Facility Overview Onboarding Conditions • On September 4, 2025, Sky Harbour Capital II LLC entered a $200MM Draw Down • The Loans under the Drawdown Note Agreement are made on a project-by-project basis, subject to Note Purchase And Continuing Cove
Slide 23: Overview of Potential Portfolio II Projects
Overview of Potential Portfolio II Projects The Drawdown Note Facility and proposed 2026 Bonds will provide the Company with flexibility to move quickly on new opportunities • The Portfolio II Projects, established in connection with the Drawdown Note Facility, can be expanded to include other proje
Slide 24: Construction Costs of the 2026 Projects
Construction Costs of the 2026 Projects The Portfolio II Projects, coupled with ADS 2, which is under construction and part of the Obligated Group, combine to form the ‘2026 Projects.’ These projects are expected to be financed with the proceeds of the Drawdown Note Facility and the Series 2026 Bond
Slide 25: Portfolio II and Other Campuses Leasing Update
Portfolio II and Other Campuses Leasing Update PRE-LEASING CMA BDL IAD 1 Key Takeaways from Portfolio II Rentable SF1 121,931 278,720 • CMA/Cloud Nine was purchased with $32M equity and contributed to Portfolio II Private SF 91,448 -- • As Sky Harbour continues to expand, the Drawdown facility provi
Slide 26: Section 5. Portfolio II and the 2026 Projects
Section 1. Transaction Overview Section 2. Introduction to Sky Harbour Section 3. The Obligated Group Overview Section 4. Construction and Delivery Approach Section 5. Portfolio II and the 2026 Projects Section 6. Plan of Finance Section 7. Appendix 26
Slide 27: Pro Forma Sources and Uses for the 2026 Projects
Pro Forma Sources and Uses for the 2026 Projects Financing Activity Financing Activity Related to Series Related to Drawdown Financing Activity Pro Forma Sources 2026 Bonds Note Facility Combined Related to the Series Bond Proceeds $100,000,000 - $100,000,000 Sources of Funds 2021 Bonds Facility Pro
Slide 28: Security for the Series 2026 Bonds
Security for the Series 2026 Bonds Interest on the Series 2026 Bonds will be capitalized through January 1, 2029. The remaining interest payments are expected to be made from surplus cash flows of the Series 2021 Obligated Group and Drawdown Note Facility Portfolio II. Furthermore, the Bonds have a
Slide 29: Obligated Group Projected Cash Flow
Obligated Group Projected Cash Flow* 2026 2027 2028 2029 2030 2031 2032 2033 2034 Airfield Construction Capex $22,280,000 $0 $0 $0 $0 $0 $0 $0 $0 Airfield Revenue SHG Rent Revenue $21,360,972 $30,451,942 $33,576,308 $35,055,552 $36,758,055 $38,472,062 $39,953,320 $41,151,920 $42,386,478 SHG Fuel Rev
Slide 30: Projected Combined Surplus Cash Flows
Projected Combined Surplus Cash Flows 2026 2027 2028 2029 2030 2031 2032 2033 2034 Airfield Construction Capex $206,769,000 $33,455,000 $0 $0 $0 $0 $0 $0 $0 Airfield Revenue SHG Rent Revenue $24,955,390 $43,678,256 $54,970.095 $59,743,329 S62,661,069 $65,241,762 $68,598,558 $71,109,920 $73,243,217 S
Slide 31: BA Group Feasibility Study Highlights
BA Group Feasibility Study Highlights Airport improvements and demand for business jets are expected to 2024 Business Jet Transactions continue • Federal and state funding for airport infrastructure via initiatives like the FAA’s Airport Improvement Program and the 2023 Airport Improvement Grants wi
Slide 32: Key Credit Highlights
Key Credit Highlights Strong real estate infrastructure opportunity with certain recession-resistant demand drivers 1 and growing demand for hangar space that can accommodate larger business jets 2 Differentiated business model with proprietary site acquisition model driving growth High-quality, geo
Slide 33: Indicative Financing Timeline
Indicative Financing Timeline Date Event January 12, 2025* Post POS and Investor Presentation January 29, 2025* Price Bonds February 12, 2025* Close Financing *Preliminary and subject to change 33
Slide 34: Time Slots for Investor One-on-Ones
Time Slots for Investor One-on-Ones Dates Available Tal Keinan Founder & CEO • Sky Harbour Founder January 14, 2025 • Clarity Capital: board of directors, global asset-management firm • Koret Israel Economic Development Funds, chairman, Israel’s largest nonprofit lender to small and micro businesses
Slide 35: Key Investor Contacts
Key Investor Contacts Francisco Gonzalez Tim Herr Michael Lexton CFO Treasurer / SVP Finance Financial Advisor, Lexton Infrastructure Solutions LLC • (917) 757-0772 • (914) 960-8366 • (917) 754-4031 • fgonzalez@skyharbour.group • therr@skyharbour.group • michael@lextoninfra.com Francisco Brugueras J
Slide 36: Section 7. Appendix
Section 1. Transaction Overview Section 2. Introduction to Sky Harbour Section 3. The Obligated Group Overview Section 4. Construction and Delivery Approach Section 5. Portfolio II and the 2026 Projects Section 6. Plan of Finance Section 7. Appendix 36
Slide 37: Expanded Flow of Funds
Expanded Flow of Funds(1) *Only for such projects constituting a Borrowing Base Project with respect to the Drawdown Note Facility. The Company has met the criteria and onboarded as Borrowing Base Projects the existing facility at Camarillo Airport (CMA) and the project at Bradley International Airp
Slide 38: Corporate Structure
Corporate Structure Sky Harbour Group Sky Harbour LLC Corporation Unitholders ~55% ~45% Parent Guarantor Sky Harbour LLC Series 2026 Drawdown Note Bonds Facility Ascend Aviation Sky Harbour Sky Harbour Sky Harbour Capital Sky Harbour Sky Harbour Holdings LLC Holdings LLC Holdings IV III Holdings II
Slide 39: Robust Project Returns / Scalability / Deep Competitive Moats
Robust Project Returns / Scalability / Deep Competitive Moats / Recession Resilience / Upside Optionality Contact Us: investors@skyharbour.group
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