Sky Harbour Group Corporation · NYSE:SKYH
Sky Harbour — Q4 2024 Earnings Presentation
18 slides from Sky Harbour's earnings presentation, Mar 27, 2025
Slide 1: 2024 Q4 Earnings Webcast
2024 Q4 Earnings Webcast March 27th, 2025
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 presen
Slide 4: Presenters
PRESENTERS TAL FRANCISCO TIM KEINAN GONZALEZ HERR Chief Chief Treasurer and Executive Officer Financial Officer SVP Finance MICHAEL TORI SCHMITT PETRO Chief Accounting Accounting & Officer Finance Manager ©2025 Sky Harbour Confidential and 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) 5 250 4.5 4.5 4 4 200 3.5 3.5 3 3 150 2.5 2.5 100 2 2 1.5 1.5 50 1 1 0.5 0.5 0 0 0 Q3'2
Slide 6: Sky Harbour Capital - PABs Obligated Group
SKY HARBOUR CAPITAL - PABS OBLIGATED GROUP Results Awaiting Expected 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) 200 3.5 3.5 3 3 150 2.5 2.5 2 2 100 1.5 1.5 1 1 50 0.5 0.5 0
Slide 7: Adjusted EBITDA
ADJUSTED EBITDA Commencement of Reporting of Quarterly and Annual Adjusted EBITDA Adjusted EBITDA defined as net income before: (i) depreciation and amortization expense FY'22 FY'23 FY'24 Q4'24 (ii) interest expense Net loss (13,678) (25,441) (53,683) (15,948) (iii) interest income Add (subtract): (
Slide 8: Site Acquisition: Potential Revenue Opportunity at SHER Stabilization
SITE ACQUISITION Accelerated Acquisition Pace: Short-Term Investment Drives Long-Term Value $200mm Potential Revenue Opportunity at SHER Stabilization $180mm $160mm 17 $140mm $120mm 10 8 12 11 $100mm 16 4 14 5 13 $80mm 15 2 $60mm 6 $40mm 1st Obligated Group 7 $20mm 1 9 PABs 6 Operating 3 $0mm Constr
Slide 9: Development: Project Completion Update
DEVELOPMENT Project Completion Update Facility Completion Date Estimated Cost ($mm) Rentable Square Footage In Operation SGR Q4 2020 $10.50 66,080 BNA Q4 2022 25.7 149,069 OPF I Q1 2023 32 160,092 SJC Q1 2024 3 41,464 CMA Q4 2024 33 121,931 Under Construction DVT Q1 2025 51.3 - 56.6 134,270 APA Q1 2
Slide 10: Strong Liquidity and Lower Cost of Capital
STRONG LIQUIDITY AND LOWER COST OF CAPITAL U.S. TREASURIES AND CASH SERIES 2021 BOND TRADING PERFORMANCE (In thousands) Yield on 4.25% Bond Due 2054 7.00% 6.80% $32,803 6.60% 6.40% 6.20% 6.00% 5.80% $94,359 5.60% 5.40% 5.20% Cash Treasuries * 5.00% 12/31/2024 12/31/2023 6/30/2023 9/30/2023 3/31/2024
Slide 11: Growth Capital
GROWTH CAPITAL PIPE Closing, NYSE Uplisting and Upcoming Debt Issuance • PIPE: $75.2 million proceeds at net purchase price of $9.50 • Upcoming Debt Issuance: $150 million Sources ($ in thousands) PIPE Closing $75,000 Excess SKYH Cash $15,000 Funded for ~800,000 Incremental Debt $150,000 square feet
Slide 12: Camarillo (CMA) Acquisition
CAMARILLO (CMA) ACQUISITION Revenue Capture Potential Demand Growth - 120,000+ RSF - Prime LA-area Market - Potential Stabilized Revenue: $4.0 million - Closure of Santa Monica Airport 11 ©2025 Sky Harbour Confidential and Proprietary
Slide 13: Trenton (TTN) – New Ground Lease
TRENTON (TTN) – NEW GROUND LEASE Revenue Capture Potential Demand Growth - 156,000 RSF - Heavy repositioning airport serving NY market - Potential Stabilized Revenue: $8.0 million - Overflow of jets from primary airports 12 ©2025 Sky Harbour Confidential and Proprietary
Slide 14: Boeing Field (BFI) – Assumed Leasehold Improvement & GL
BOEING FIELD (BFI) – ASSUMED LEASEHOLD IMPROVEMENT & GL Revenue Capture Potential Demand Growth - 90,000 RSF - Closest airport to downtown Seattle - Potential Stabilized Revenue: $3.0 million - Tech Sector Growth 13 ©2025 Sky Harbour Confidential and Proprietary
Slide 15: Q4 Highlights
Q4 HIGHLIGHTS 01 SITE ACQUISITION ▪ TTN Ground Lease Signed ▪ CMA Existing Hangar Facility Acquired ▪ BFI Hangars and Ground Lease Assumed 02 DEVELOPMENT 03 ▪ DVT & ADS finishing completion and commencing operation LEASING ▪ APA set for delivery by spring 2025 04 ▪ Initial leases signed in DVT & ADS
Slide 16: Next Twelve Months
NEXT TWELVE MONTHS 17 01 14 12 5 8 16 9 SITE ACQUISITION 7 10 15 4 Maximize revenue capture 13 2 ▪ Focus = Best fields in USA 6 ▪ On course to meet 2025 acquisitions target 11 1 3 02 03 04 DEVELOPMENT LEASING OPERATIONS Scaling Capitalize on growing Sky Harbour brand Laser-focus on the Sky Harbour R
Slide 17: Questions
QUESTIONS ©2025 Sky Harbour Confidential and Proprietary 16
Slide 18: Aviation Infrastructure Real Estate
AV I AT I O N INFRASTRUCTURE R E A L E S TAT E ©2025 Sky Harbour Confidential and Proprietary 17