Sky Harbour Group Corporation · NYSE:SKYH
Sky Harbour — Q4 2025 Earnings Presentation
18 slides from Sky Harbour's earnings presentation, Mar 19, 2026
Slide 1: 2025 Investor Year End Presentation Earnings Webcast
SKYH SKYH NYSE NYSE 2025 Investor Year EndPresentation Earnings Webcast March 19th2025 Summer , 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) 350 9 8 300 8 7 7 250 6 6 5 200 5 4 150 4 3 3 100 2 2 50 1 1 0 0 0 Q1'22 Q2'22 Q3'22 Q4
Slide 6: Sky Harbour Capital - PABs Obligated Group
SKY HARBOUR CAPITAL - PABS OBLIGATED GROUP 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) 300 4 4 250 3.5 3.5 3 3 200 2.5 2.5 150 2 2 100 1.5 1.5 1 1 50 0.5 0.5 0 0 0 Q4'25 Q1
Slide 7: Adjusted EBITDA
ADJUSTED EBITDA Reporting of Quarterly Adjusted EBITDA FY'23 FY'24 FY'25 Q4'25 Adjusted EBITDA defined as net income before: Net Income (Loss) (25,441) (53,683) 7,321 6,744 (i) depreciation and amortization expense Add (subtract): (ii) interest expense Depreciation and amortization 2,278 2,706 6,294
Slide 8: Leasing Update
LEASING UPDATE Campuses in Operation, Lease-Up, and Pre-Lease Preliminary data as of March 16th, 2026 STABILIZED CAMPUSES CAMPUSES IN INITIAL LEASE -UP PRE-LEASING SGR BNA OPF 1 SJC CMA BFI DVT 1 ADS 1 APA 1 IAD 1+BDL+OPF2 Revenue Run Rate $1.4mm $5.4mm $6.5mm $5.1mm $5.4mm $1.0mm $2.5mm $2.2mm $1.5
Slide 9: Site Acquisition
SITE ACQUISITION ~4 million square feet of development in pipeline across 23 airports Sky Harbour Portfolio Square Footage in Operation and Development 17 18 4,500,000 1,914,737 4,160,444 10 8 12 11 4,000,000 16 4 14 5 13 3,500,000 15 2 3,000,000 19 6 20 2,500,000 7 21 1,149,271 23 22 Operating 1 2,
Slide 10: Development Update
DEVELOPMENT UPDATE Secured Portfolio Development Projection (not including future ground leases) 2023 2024 2025 2026E 2027E 2028E RSF under Construction 383,536 383,536 501,071 755,880 819,920 601,217 RSF Constructed 375,241 425,672 1,096,436 1,597,507 2,353,387 3,173,307 Upcoming Deliveries Timelin
Slide 11: 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 12: Sky Harbour Bond Yields
SKY HARBOUR BOND YIELDS Private Activity Bond (PABs) Performance, Series 2021 Long Bonds and Series 2026 Bonds (Subordinated Bonds) CUSIPS: CUSIP: ▪ 74446DAJ7: Series 2021, 33-year, 4.25% Coupon ▪ 74442PV28: Series 2026, 5-year, 6.00% Coupon ▪ 74446DAH1: Series 2021, 20-year, 4.00% Coupon ▪ 74446DAG
Slide 13: 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 14: Growth Capital
P E R M A N E N T C A P I TA L : K E Y T O P R U D E N T F U N D I N G O F G R O W T H C A P I TA L O P P O R T U N I S T I C A L LY US Treasuries, Cash and Committed Bank Facility (In thousands) INTERNALLY GENERATED SKYH HOLDING ~$398.5 Million CASH FLOW COMPANY EQUITY In lieu of a portion or all d
Slide 15: Q4 Highlights
Q4 HIGHLIGHTS 01 SITE ACQUISITION • 2025 guidance met • Exceeded through same-field expansion • Refining guidance metrics 02 03 04 DEVELOPMENT LEASING OPERATIONS • Program On time, On Budget • Revenue run-rate growth QOQ • First phase 2 operation ready – OPF 2 • Preparations for Q2 Scale-up in place
Slide 16: Looking Forward
LOOKING FORWARD Focus on Scale 01 SITE ACQUISITION • Max NOI capture • Same-Metro expansion • Intimate market knowledge • Operational efficiencies 02 03 04 DEVELOPMENT LEASING OPERATIONS • Prototype Program • Short term: Meet SQFTage surge • Defense: Bulletproof safety, security, efficiency • Higher
Slide 17: Questions
QUESTIONS ©2025 Sky Harbour Proprietary 16
Slide 18: 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