Sky Harbour Group Corporation · NYSE:SKYH
Sky Harbour — Q1 2025 Earnings Presentation
16 slides from Sky Harbour's earnings presentation, May 13, 2025
Slide 1: 2025 Q1 Earnings Webcast
2025 Q1 Earnings Webcast May 13th, 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 & Executive Officer Financial Officer SVP Finance MICHAEL TORI MARTY SCHMITT PETRO KRETCHMAN Chief Accounting Accounting & SVP Airports 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) 300 6 6 250 5 5 200 4 4 150 3 3 100 2 2 50 1 1 0 0 0 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'2
Slide 6: Consolidated Operating Performance and Income Statement
CONSOLIDATED OPERATING PERFORMANCE AND INCOME STATEMENT OPERATING EXPENSE INCREASE Q4’24-Q1’25 CASH USED IN OPERATING ACTIVITIES INCREASE Q4’24-Q1’25 (In thousands) (In thousands) 0 0 -200 -500 -400 -600 -1000 -800 -1500 -1000 -1200 -2000 -1400 -1600 -2500 -1800 Fuel Expense Increase -3000 New Groun
Slide 7: 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) 250 3 3 200 2.5 2.5 2 2 150 1.5 1.5 100 1 1 50 0.5 0.5 0 0 0
Slide 8: Site Acquisition: Potential Revenue Opportunity at SHER Stabilization
SITE ACQUISITION Accelerated Acquisition Pace: Short-Term Investment Drives Long-Term Value $200mm PABs Projection vs Current ($/RSF) $180mm Potential Revenue Opportunity at SHER Stabilization Revenue Weighted Average* % Premium 2022 CBRE Assumption $29.08 0% $160mm 17 Average Expected Revenue $35.7
Slide 9: Hillsboro (HIO) – New Ground Lease in Portland, OR
HILLSBORO (HIO) – NEW GROUND LEASE IN PORTLAND, OR Revenue Capture Potential Demand Overview - 192,000 RSF - Main Private/Business Av Airport Serving Portland - Potential Stabilized Revenue: $7.0 million - Tech Sector Growth 8 ©2025 Sky Harbour Confidential and Proprietary
Slide 10: Construction Scale-Up
CONSTRUCTION SCALE-UP Continued Vertical Integration, Leadership Augmented Construction Stack Intended Effect Benefit Subcontracting Cost Unit Economics 2026 General Contracting 2025 Q3-Q4 Pre-Construction Services Speed 2025 Q3-Q4 Architecture and Engineering Build Quality Addressable Market 2024 P
Slide 11: 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 $13,813 7.00% 6.80% 6.60% 6.40% 6.20% 6.00% 5.80% 5.60% 5.40% $83,650 5.20% Cash Treasuries * 5.00% 12/31/2024 12/31/2023 6/30/2023 9/30/2023 3/31/2024
Slide 12: Permanent Capital: Key to Prudent Funding of Growth Capital Opportunistically
PERMANENT CAPITAL: KEY TO PRUDENT FUNDING OF GROWTH CAPITAL OPPORTUNISTICALLY INTERNALLY GENERATED SKYH HOLDING CASH FLOW COMPANY EQUITY In lieu of a portion or all dividends in the Public ATM or marketed offerings early years PIPEs GROWTH CAPITAL PROJECT LEVEL PARTNERSHIPS WITH PRIVATE ACTIVITY REA
Slide 13: Q1 Highlights
Q1 HIGHLIGHTS Gearing for Order-of-Magnitude Scale-up 01 SITE ACQUISITION ▪ HIO Ground Lease Signed ▪ BFI Ground Lease Assumed and Hangars Operational 02 DEVELOPMENT 03 ▪ Expansion of Construction Team and Development Capabilities LEASING ▪ DVT, ADS, & APA almost completed and 04 ▪ DVT, ADS, APA in
Slide 14: Next Steps Forward
NEXT STEPS FORWARD Gearing for Order-of-Magnitude Scale-up 01 SITE ACQUISITION Maximize revenue capture ▪ Focus = Best fields in USA ▪ On course to meet 2025 acquisitions target ▪ Team growth = Acceleration 02 03 04 DEVELOPMENT LEASING OPERATIONS Vertical integration Capitalize on growing Sky Harbou
Slide 15: Questions
QUESTIONS ©2025 Sky Harbour Confidential and Proprietary 14
Slide 16: 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 15