Slide 1: Corporate Update January 2026
Equity AVAP.L Warrants AVAW.L Corporate Update January 2026
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: Snapshot (at 31 December 2025)
Snapshot (at 31 December 2025) 8%/61%/31% 33 16 Airline Customers in Aircraft Customers 15 Countries Widebody/Narrowbody /Turboprop by value 8.8 Years 4.2 Years US$1.1Bn US$350M Average Average Remaining Unearned contracted Aircraft Age Lease Term Total asset value (1) revenues 1.As at 30 June 2025.
Slide 4: Portfolio
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 - - Widebody A
Slide 5: Projected fleet growth
Projected fleet growth Number of Aircraft 50 45 42 40 1 40 1 35 34 33 1 14 2 14 30 14 25 14 20 15 27 25 10 19 17 5 0 FY25A FY26E FY27E FY28E Turboprop Aircraft Narrowbody Aircraft Widebody Aircraft Note: Fleet projections based on latest ATR delivery guidance, and exclude any future secondary market
Slide 6: A full leasing platform & proven track record
A full leasing platform & proven track record Speedy turnaround and credit improvement since the Proven expansion and monetisation track record pandemic PRE-COVID COVID SWIFT RECOVERY POST PANDEMIC • 9x ATR orders to be delivered to 2Q28 • ATR purchase rights for an additional 24 aircraft are at EBI
Slide 7: Customers
Customers 16 Airlines in 15 Countries Airline Aircraft Number Vietjet A321-200 6 Air Baltic A220-300 5 Aerlink ATR 72-500 3 Mandarin 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
Slide 8: Recent highlights
Recent highlights • Redeemed a US$298m unsecured bond due 2026 and issued a US$300m unsecured bond due 2031. • Improved credit ratings: Moody’s B1, Fitch B, S&P B • One ATR72-600 transitioned from Mandarin Airlines to PNG Air November 2025 for a 6-year lease. • One new ATR72-600 was delivered to Sum
Slide 9: Orderbook and purchase rights
Orderbook and purchase rights Orderbook • Nine ATR72-600 aircraft to be delivered by 2Q28. • Two ATR72-600 delivering 2026 to go on 12 year leases to Cambodia Airways. • Market value US$23 million per aircraft. (1) • All ATR aircraft have latest PW127-XT engines expected to be 100% SAF compatible. P
Slide 10: Debt maturity profile
Debt maturity profile Debt maturities 350 331 300 250 $m 200 300 150 127 - 100 127 50 40 30 - 25 26 - 18 - - 30 40 31 - 25 26 18 - 2H2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 Secured loans Unsecured 10
Slide 11: Lease expiry profile
Lease expiry profile avation PLC Lease Expiry | | | FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2038 Number of Aircraft B ° ATR 72-500 mATR 72-600 mA 320-200 mA 321-200 @ A220-300 @ A 330-300 11
Slide 12: Outlook - aircraft financing and leasing market
Outlook - aircraft financing and leasing market Annual removal rates have decreased Demand for aircraft is as good as it has ever been Annual removal rate from passenger fleet Passenger Fleet Evolution by Aircraft Class 3.5% Half of 60,000 CAGR: 2.7% 3.0% normal rate 50,000 2.5% 40,000 2.0% 30,000 1
Slide 13: Favourable leasing environment with strong demand
Favourable leasing environment with strong demand Aircraft lessors are set to benefit from strong growth in Avation’s diversified fleet is strategically aligned with global air travel anticipated demand for aircraft Global RPKs (trillions) Cumulative demand of new aircraft from 2025 - 2044 12 RPKs n
Slide 14: Upward trend in market values
Upward trend in market values MV’s have increased due to high demand for air travel and supply challenges. 10-year old aircraft (1) 35 30 25 20 15 10 5 0 ATR 72-600 A320-200 A321-200 A330-300 2023 2024 2025 1. Half-life condition, basic configuration, lease free. 14
Slide 15: Global ATR client footprint
Global ATR client footprint 200 100 1300 Operators Countries Aircraft flying 15
Slide 16: ATR replacement opportunity
ATR replacement opportunity over retirement age Many older regional aircraft need replacing 16
Slide 17: Growth strategy and company vision
Growth strategy and company vision Proven strategy with strong execution capabilities • 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 ATR’s on order for delivery between Q2 20
Slide 18: Key ratios improving
Key ratios improving 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.
Slide 19: AVAP equity drivers
AVAP equity drivers Scarcity: One of only 4 remaining listed pure-play aircraft lessors globally for exposure to the current upcycle Growth: One of a shrinking list of lessors with an OEM orderbook, and one of only two with ATR orders Valuation: Highest discount to book value among peers at 52% (1)
Slide 20: Discount to NAV well below peer set
Discount to NAV well below peer set Aircraft Lessor Price-to-Book Ratios 2.5 2 1.5 1 0.5 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 BOC Aviation Avation CALC AerCap Air Lease Notes: Annual trailing price-book-ratios based on 9 January 2026 closing prices. 2025 values are actual FY25 fo
Slide 21: Summary
Summary Growth opportunity from orderbook and purchase rights De-risking via lessee diversification, remaining lease term expansion Extended bond maturity out to 2031 Improved credit metrics and ratings Equity buyback programme instituted 21
Slide 22: Avation PLC Contacts
Contacts Avation PLC 65 Kampong Bahru Road Singapore 169370 Phone: + 65 6252 2077 www.avation.net Jeff Chatfield Iain Cawte Ashley Nicholas Tim Bacchus Executive Chairman Chief Financial Officer Director – Corporate Finance Director – Investor Relations jeff@avation.net iain@avation.net ashley@avati