Sky Harbour Group Corporation · NYSE:SKYH
Sky Harbour — Q1 2026 Earnings Presentation
17 slides from Sky Harbour's earnings presentation, May 14, 2026
Slide 1: Investor Presentation First Quarter 2026 Earnings Webcast
SKYH SKYH NYSE NYSE Investor First Quarter Presentation 2026 Earnings Webcast Summer May 14 2025 th, 2026 ©2025 Sky Harbour Proprietary
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 Financial 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 prese
Slide 4: Presenters
PRESENTERS TAL FRANCISCO TIM KEINAN GONZALEZ HERR Chief Chief Treasurer & Executive Officer Financial Officer SVP Finance MICHAEL TORI ANDREAS SCHMITT PETRO FRANK Chief Accounting Accounting & Business Associate & Officer Finance Manager Assistant Treasurer ©2026 Sky Harbour 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) 400 10 10 350 9 9 8 8 300 7 7 250 6 6 200 5 5 150 4 4 3 3 100 2 2 50 1 1 0 0 0 Q1'22 Q2
Slide 6: Sky Harbour Capital - PABS Obligated Group
SKY HARBOUR CAPITAL - PABS OBLIGATED GROUP Upcoming Operating Leverage From Last Two Phase II Completions 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 Q3'2
Slide 7: Leasing Update
LEASING UPDATE Campuses in Operation, Lease-Up, and Pre-Lease As of May 13th, 2026 STABILIZED CAMPUSES CAMPUSES IN INITIAL LEASE -UP PRE-LEASING SGR BNA OPF 1 SJC CMA DVT 1 ADS 1 APA 1 OPF 2 IAD 1+BDL Revenue Run Rate $1.4mm $5.3mm $6.5mm $5.2mm $5.5mm $2.9mm $2.2mm $1.8mm $3.9mm — Rentable SF¹ 66,0
Slide 8: Underwriting vs Campus Performance
UNDERWRITING VS CAMPUS PERFORMANCE CBRE and BA Group Market Studies SGR BNA OPF 1 DVT APA ADS CMA CBRE Report $23.25 $28.00 $32.50 $26.00 $32.50 N/A N/A 2021 BA Group $20.32 $28.00 $35.25 $28.00 $38.50 $33.00 $25.50 Report 2025 High $21.74 $40.163 $46.943 $35.401 $39.851 $34.291 $38.443 Average $21.
Slide 9: OPF Phase Campus Update
OPF PHASE 2 CAMPUS UPDATE Expansion Economics versus New Market Economics • Budget Construction Cost: $39.6mm • Actual Construction Cost: $39.2mm (estimated) • Certificate of Occupancy: May 11th • 68% Leased (Hangar & Office) at $51.56/sqft average revenue1 Revenue/RSF comparison Original OPF CBRE U
Slide 10: Site Acquisition
SITE ACQUISITION ~4 million square feet of development in pipeline across 22 airports Emphasis: Maximum NOI-Capture Sky Harbour Portfolio Square Footage in Operation and Development 17 4,500,000 10 1,914,737 4,067,949 8 12 11 4,000,000 16 4 14 5 13 3,500,000 ~51% RSF in Tier 1 15 2 3,000,000 Markets
Slide 11: Development Update
DEVELOPMENT UPDATE Projected Fully Funded Construction Pipeline 2025 2026 2027 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 BDL SLC Delivery by ADS 2 March 2027 SLC POU ORL IAD TTN BDL Delivery by PWK November 2026 ©2026 Sky Harbour Proprietary 10
Slide 12: Fortress of Liquidity
FORTRESS OF LIQUIDITY Key to Prudent Finding of Growth Capital Opportunistically US Treasuries, Cash and Committed Bank Facility1 (In thousands) INTERNALLY GENERATED SKYH HOLDING ~$368.2 Million CASH FLOW COMPANY EQUITY In lieu of a portion or all dividends in the Public ATM or marketed offerings Ca
Slide 13: 2026 EOY Guidance
2026 EOY GUIDANCE ANNUALIZED REVENUE RUN RATE EOY 2026 $42M-$46M Q1 2026 RUN RATE: $34.9M ANNUALIZED ADJUSTED EBITDA RUN RATE EOY 2026 $4M-$6M Q1 2026 RUN RATE: ($6.0M) Revenue and EBITDA are point estimates. Refer to forward-looking statements in the disclaimer. ©2026 Sky Harbour Proprietary 12
Slide 14: Q1 Highlights
Q1 HIGHLIGHTS 01 SITE ACQUISITION • SWF Expansion • 2026 success factors: •Rentable square footage •Revenue per square foot •NOI per square foot 02 03 04 DEVELOPMENT LEASING OPERATIONS • OPF 2 delivered – Ascend | Stratus Integrated • OPF 2 68% leased at Tier 1 rates • OPEX efficiency program underw
Slide 15: Looking Forward
LOOKING FORWARD Focus on Scale 01 SITE ACQUISITION • Max NOI capture • Sqftage -> SHER -> OPEX • Same-Field / Same Metro expansion • Intimate market knowledge <> • Operational efficiencies 02 03 04 DEVELOPMENT LEASING OPERATIONS • 390K square feet now under • 136,111 sqft leased – to be released in
Slide 16: Questions
QUESTIONS ©2025 Sky Harbour Proprietary 15
Slide 17: Robust Project Returns / Scalability / Deep Competitive Moats
Robust Project Returns / Scalability / Deep Competitive Moats / Recession Resilience / Upside Optionality Contact Us: investors@skyharbour.group ©2025 Sky Harbour Proprietary