Slide 1: Corporate Update May 2026
Equity AVAP.L Warrants AVAW.L Corporate Update May 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: Overview
avation PLC Overview
Slide 4: Snapshot (at 31 December 2025)
Snapshot (at 31 December 2025) 33 16 Airline Customers in 8%/61%/31% Aircraft Customers 15 Countries Widebody/Narrowbody /Turboprop by value 8.8 Years 4.3 Years US$993m US$350m Average Average Remaining Total asset value Unearned contracted Aircraft Age Lease Term revenues 4
Slide 5: Portfolio
Portfolio Balanced fleet with Orderbook and Purchase Rights Aircraft Type By Net Book Value Purchase Widebody Aircraft Type Current Fleet Orders Rights 8% Turboprop Aircraft Turboprop 31% ATR 72-600 14 14 19 ATR 72-500 4 - - Narrow-body Aircraft A321-200 6 - - A320-200 3 - - A220-300 5 - - Widebody
Slide 6: Customers
Customers 16 Airlines in 16 Countries Airline Aircraft Number Vietjet A321-200 6 Air Baltic A220-300 4 Aerlink ATR 72-500 3 Clic ATR 72-600 2 Alliance Air ATR 72-600 2 Braathens ATR 72-600 2 US Bangla ATR 72-600 2 PNG Air ATR 72-600 2 Cebu Pacific ATR72-600 1 Cebu Pacific A320-200 1 EVA Air A330-300
Slide 7: Proven track record, rapid credit recovery
Proven track record, rapid credit recovery Proven expansion and monetisation track record Speedy turnaround and credit improvement since Covid PRE-COVID COVID SWIFT RECOVERY POST PANDEMIC • 14x ATR orders to 4Q2029 • ATR purchase rights for an additional 19 aircraft EBITDA in US$m are at agreed pric
Slide 8: FY2026 year-to-date highlights
FY2026 year-to-date highlights • Redeemed US$298m unsecured 2026 bond and issued a US$300m unsecured bond due 2031 • Improved credit ratings: Moody’s B1, Fitch B, S&P B • One ATR 72-600 transitioned from Mandarin Airlines to PNG Air November 2025 on a 6-year lease • One new ATR 72-600 was delivered
Slide 9: Limited direct Middle East impact
Limited direct Middle East impact • Avation has only one aircraft with a strong Middle Eastern-based customer and the aircraft is actively flying and producing cashflow • All contracted leases and associated lessee insurance obligations remain in force • Jet fuel prices have risen more than crude th
Slide 10: Orderbook and purchase rights
Orderbook and purchase rights Orderbook • Converted five ATR 72-600 purchase rights into firm orders in March 2026 • Fourteen ATR 72-600 aircraft to be delivered by 4Q2029 • Two ATR 72-600, scheduled for delivery in 2026, to be placed on 12- year leases to Cambodia Airways • All new ATR aircraft hav
Slide 11: Projected fleet growth
Projected fleet growth Number of Aircraft 80 78 70 16 60 56 14 48 8 50 1 42 6 5 38 1 1 40 4 13 33 2 1 1 13 13 1 30 13 13 13 20 34 28 29 22 24 10 19 0 FY2026E FY2027E FY2028E FY2029E FY2030E FY2031-34E Turboprop Narrowbody Widebody Turboprop Purchase Rights Secondary Market Purchases Notes: 1. Fleet
Slide 12: Lease expiry profile
Lease expiry profile Lease Expiry 9 8 Number of Aircraft 7 6 5 4 3 2 1 0 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2038 ATR 72-500 ATR 72-600 A320-200 A321-200 A220-300 A330-300 12
Slide 13: Market Outlook / Strategy
avation PLC Market Outlook / Strategy
Slide 14: Demand to remain strong through 2030
Demand to remain strong through 2030 Demand for aircraft is as good as it has ever been Aircraft retirement rates have halved this decade Passenger Fleet Evolution by Aircraft Class Average aircraft retirement rate by decade (% of global passenger fleet) 60,000 3.5% Half of CAGR: 2.7% 3.0% normal ra
Slide 15: Avation well-placed to meet demand
Avation well-placed to meet demand Aircraft lessors benefit from strong global air travel Avation’s diversified fleet strategically aligned with growth anticipated aircraft demand Global RPKs (trillions) Cumulative demand of new aircraft from 2025 - 2044 12 RPKs now back to above pre-Covid levels an
Slide 16: Market values remain robust
Market values remain robust MVs have increased due to high demand for air travel and supply challenges. 10-year old aircraft (1) 35 30 25 20 US$M 15 10 5 0 ATR 72-600 A320-200 A321-200 A330-300 2023 2024 2025 1. Half-life condition, basic configuration, lease free. 16
Slide 17: Large ATR replacement opportunity
Large ATR replacement opportunity • ATR expects 2,100 turboprop deliveries over the next 20 years • Excluding growth, over 1,200 turboprop will need to be replaced by 2044 • ATR has no direct in- production competitor for its aircraft • Avation has 14 firm ATR 72 orders, the largest lessor backlog g
Slide 18: ATR operators have global footprint
ATR operators have global footprint 200 100 1650 Operators Countries In Service 18 Source: ATR
Slide 19: Growth strategy and company vision
Growth strategy and company vision • Grow aircraft fleet to boost revenue (new deliveries, secondary market) Grow revenue and earnings • Maintain efficient cost of capital with tight control of overheads • 14 ATRs on order for delivery to 4Q2029 • Purchase rights on further 19 ATRs Prudently grow fl
Slide 20: Financial and Credit Metrics
Financial and Credit Metrics
Slide 21: Financial performance and value creation
Financial performance and value creation Financial metrics (US$m) HY2026 HY2025 Comments Total revenue 56.0 55.4 Growth despite widebody sale Operating profit 29.3 18.8 Robust operating profit growth Operating cashflow (1) 39.9 40.4 Stable despite widebody sale Comparative ratios HY2026 FY2025 FY202
Slide 22: Portfolio and credit profile
Portfolio and credit profile Key metrics HY2026 HY2025 Comments B1 / B / B n.a. / B / B- New rating from Moody’s & Ratings (Moody’s / Fitch / S&P) Stable improved rating from S&P Net indebtedness (US$m) 542.7 604.2 Deleveraged balance sheet Increased flexibility for additional Unencumbered Aircraft
Slide 23: Debt maturity profile extended to 2031
Debt maturity profile extended to 2031 350 329 300 250 US$M 200 300 150 127 - 100 127 40 50 30 - 25 26 - 20 - - 30 40 - 25 26 29 20 - 2H2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 Secured Unsecured 23
Slide 24: Investment Drivers and Peer Comparisons
Investment Drivers and Peer Comparisons
Slide 25: Avation equity drivers
Avation equity drivers Cycle/Scarcity: Strong macro backdrop this decade; AVAP one of only four listed pure- play aircraft lessors globally Growth: One of a select and increasingly limited list of lessors with a direct OEM orderbook - holding the largest backlog of ATR 72 aircraft among lessors Valu
Slide 26: Avation ratios compare well to IG peers
Avation ratios compare well to IG peers 2025 Net Debt / Equity 2025 Net Debt / EBITDA 8.0 12.0 7.0 AVAP lowest of peer group 10.0 6.0 5.0 8.0 4.0 6.0 3.0 4.0 2.0 1.0 2.0 0.0 0.0 2025 Interest Coverage (EBITDA / Interest) 2025 Total Debt / Total Assets 4.0 80.0 3.5 70.0 AVAP lowest of peer group 3.0
Slide 27: Yet discount to NAV well below peer group
Yet discount to NAV well below peer group 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 2026 BOC Aviation Avation CALC AerCap Air Lease Notes: Annual trailing price-book-ratios based on 16 April 2026 closing prices other than Air Lease,
Slide 28: Summary
Summary Growth opportunities via orderbook, purchase rights and secondary market amid strong upcycle De-risking the business via lessee diversification, remaining lease term expansion Extended bond maturity out to 2031 Improved credit metrics and ratings Equity buybacks continue 28
Slide 29: Avation PLC Contacts
Contacts Avation PLC 65 Kampong Bahru Road Singapore 169370 Phone: + 65 6252 2077 www.avation.net Jeff Chatfield Andrew Hiscock Ashley Nicholas Tim Bacchus Executive Chairman Chief Financial Officer Director – Corporate Finance Director – Investor Relations jeff@avation.net andrew@avation.net ashley