Sky Harbour Group Corporation · NYSE:SKYH
Sky Harbour — Q2 2026 Earnings Presentation
21 slides from Sky Harbour's earnings presentation, Aug 12, 2026
Slide 1: Investor Presentation
SKYH SKYH NYSE NYSE Investor InvestorPresentation Presentation Summer Summer2025 2026 ©2025 Sky Harbour Confidential and 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 presen
Slide 4: Presenters
Presenters Tal Keinan Francisco Gonzalez Tim Herr CEO CFO Treasurer / SVP Finance • Sky Harbour Founder • Oversees Sky Harbour’s financial, capital markets, • Joined Sky Harbour at company inception, • Clarity Capital: board of directors, global asset- treasury, tax and accounting functions playing
Slide 5: A Specialty Real Estate Platform
A Specialty Real Estate Platform Robust Project Returns / Scalability / Deep Competitive Moats / Recession Resilience / Upside Optionality ©2025 Sky Harbour Confidential and Proprietary
Slide 6: Sky Harbour Snapshot
Sky Harbour Snapshot Applying a new business model to a longstanding opportunity • Secure land at key US airfields Business • Develop campuses of private hangars • Lease hangars and manage campuses • Mid-teens stabilized yield on cost = ~60% return on equity Goals • 50+ airfields • Retain #1 positio
Slide 7: Section 1: Market Opportunity
Section 1: Market Opportunity ©2025 Sky Harbour Confidential and Proprietary
Slide 8: Chronic Business Aviation Hangar Deficit
Chronic Business Aviation Hangar Deficit US Business Aviation Fleet Square Footage * Growth Forecast (Gross)** (# aircraft * length * wingspan) 2010-2025 Demand Growth * 100,000,000 73% Increase Aircraft Deliveries by Class • 46,500,000 square feet net 90,000,000 growth in US business aviation (BizA
Slide 9: Hangar Supply Structurally Constrained
Hangar Supply Structurally Constrained No New Airports • No land where there is need • No need where there is land Dwindling Land on Existing Airports • Most land already developed or spoken for • Growing competition for remaining land – EVTOL, ecommerce, etc. Bizav Hangar Square Footage Already Ins
Slide 10: Section 2: Company Overview
Section 2: Company Overview ©2025 Sky Harbour Confidential and Proprietary
Slide 11: Sky Harbour's Differentiated Model
Sky Harbour’s Differentiated Model HBO model provides stable, growing, contracted cashflows Home Base Operators (HBOs) Fixed-Based Operators (FBOs) Business Model Medium to long-term leases to residents Transient traffic and fuel sales Differentiation Premium real estate at constrained airports, Com
Slide 12: Site Acquisition
Site Acquisition Proprietary Site Acquisition Methodology; Highly-trained Veteran-led Team Acquisition Strategies Targeting Criteria Target Map Unsolicited Bid to • E.g., Houston (SGR), Phoenix (DVT), Hudson Valley 1. Metro center’s existing Airport Sponsor (POU), Chicago (PWK), Orlando (ORL), Dulle
Slide 13: Construction Scale-Up While Lowering Unit Cost
Construction Scale-Up While Lowering Unit Cost Continued Vertical Integration, Expanded Leadership Construction Stack Intended Effect Benefit 2026 Subcontracting 2026 General Contracting Cost 2025 Pre-Construction Services Speed Unit Economics Q3-Q4 2025 Q3-Q4 Architecture and Engineering Build Qual
Slide 14: Standard Design Lowers Cost, Minimizes Risk, Expedites Construction
Standard Design Lowers Cost, Minimizes Risk, Expedites General Contractor-Onboarding, Permitting, and Construction Proprietary prototype design, requiring minimal adaptation to local conditions and codes • Lowers costs • Minimizes development risk o Code compliance precedent o Minimal change orders
Slide 15: Service and Operations – The Home Base Operator
Service and Operations – The Home Base Operator Efficiency • Shortest Time to Wheels Up in Bizav • No-Lead-Time Service Security • No Public Access • Secure Facilities • Small, Dedicated Crews • Special Procedures Privacy • Drive-in, Park-In Private Hangars • Community-Only Campus Access Customizati
Slide 16: Unit Economics with Subordinated Debt Leverage
UNIT ECONOMICS WITH SUBORDINATED DEBT LEVERAGE Lower Equity Requirement and Higher ROE BASELINE Pre-Subordinated Bonds ~28% ENHANCED With Subordinated Bonds ~68% PRE-TAX ROE PRE-TAX ROE $300/SF $300/SF $45/SF $45/SF PABS JPM − $3/SF Gr. Rent − $3/SF Gr. Rent $210/SF $195/SF 70% 65% − $6/SF OPEX − $6
Slide 17: 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 9 9 350 8 8 300 7 7 250 6 6 200 5 5 4 4 150 3 3 100 2 2 50 1 1 0 0 0 Q1'22 Q2
Slide 18: Fully Funded Portfolio (Expanded) Plan of Finance
FULLY FUNDED PORTFOLIO 2 (EXPANDED) PLAN OF FINANCE Projected Monthly Construction Spend and Facility Draws JP Morgan Expanded Draw Down Facility: $243mm Funding Construction of BDL, SLC, POU1, ORL1, TTN, PWK1, IAD1 ▪ Tax-Exempt ▪ Draw Down/Issuance as Needed ▪ Optimized Timing of General $35,000,00
Slide 19: 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 19
Slide 20: OPF Phase 2 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 21: 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 Confidential and Proprietary