Avation Plc · LSE:AVAP
Avation — Investor Presentation (November 2026)
34 slides from Avation's investor presentation, November 2026
Slide 1: Investor Update November 2026
Investor Update November 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: Why now?
Why now? Aircraft supply-demand imbalance Orderbook provides baseline 10% fleet CAGR Active business de-risking/customer diversification Scarcity of listed aircraft lessors Attractive valuation supporting share buybacks 4
Slide 5: Financial year 2026 results
Financial year 2026 results Key headlines for the year to 30 June 2026: • Operating profit up 38% to $64.3 million • Returned to profitability with $8.4 million net profit • Dividend per share raised 50% to US 1.5c per share • Net asset value per share increased 19.9% to $4.39 (£3.33) • Proportion o
Slide 6: Snapshot
Snapshot 33 18 Airline 32%/59%/9% Credit ratings Aircraft Customers in of B/B1/B Turboprop/Narrowbody 18 Countries /Widebody by value S&P/Moody’s/Fitch 9.1 Years 3.8 Years US$1bn US$303m Average Average Remaining Unearned contracted Total asset value Aircraft Age Lease Term revenues Note: Aircraft a
Slide 7: Portfolio
Portfolio Balanced Fleet with Orderbook and Purchase Rights Aircraft Type by Net Book Value Purchase Widebody Aircraft Type Current Fleet Orders Rights 9% Turboprop Aircraft Turboprop ATR 72-600 16 12 19 32% ATR 72-500 3 - - Narrowbody Aircraft A321-200 6 - - A320-200 3 - - A220-300 4 - - Widebody A
Slide 8: Customers
Customers 18 Airlines in 18 Countries Airline Aircraft Number Vietjet A321-200 6 Air Baltic A220-300 4 Aerlink ATR 72-500 2 Cebu Pacific A320/ATR 72 2 Finnair ATR 72-600 2 PNG Air ATR 72-600 2 US-Bangla ATR 72-600 2 Alliance Air (India) ATR 72-600 2 Clic ATR 72-600 2 EVA Air A330-300 1 easyJet A320-
Slide 9: Celebrating our 20-year anniversary
Celebrating our 20-year anniversary From Avation’s July 2006 incorporation we have: • Acquired 78 aircraft from OEMs, airlines and lessors for $2.0 billion • Disposed of 45 aircraft for gross proceeds of $1.2 billion • Executed 92 leases with 38 airlines in 28 countries • Extended 23 leases with exi
Slide 10: FY2026 Results
avation PLC FY2026 Results
Slide 11: Financial highlights FY2026
Financial highlights FY2026 Profitability • Group delivered a strong FY2026 profit of US$8.4 million • Net asset value per share up 19.9% to $4.39 (£3.33) • Increased dividend 50% to US 1.5 cents per share Unsecured notes • Successfully issued US$300 million 8.5% notes due May 2031 and redeemed the
Slide 12: Operational highlights FY2026
Operational highlights FY2026 Aircraft deliveries/disposals • Delivered two ATR 72-600s from orderbook to new customer airlines • Sold one Boeing 777-300ER in September 2025 Aircraft transactions • Transitioned five ATR 72-600s to four customers on six- or eight-year leases • Extended EVA Air Airbus
Slide 13: Key ratios
Key ratios Comparative Ratios FY2026 FY2025 Net asset value per share (US$) (1) $4.39 $3.66 Net asset value per share (£) £3.33 £2.67 Lease yield (2) 10.7% 11.3% Credit Ratios FY2026 FY2025 Debt/Equity 2.2x 2.7x Net Debt/EBITDA (3) 5.3X 5.6X FFO/Debt (4) 10.2% 9.5% EBITDA/Interest Expense 2.5x 2.4x
Slide 14: Liquidity update
Liquidity update FY2026 FY2025 Principal movements in cash • FY25 maintenance reserve and Operating cashflow $30.8m $91.5m finance lease inflows $49m Total cash $105.0m $130.0m • Aircraft and engine capex $49m • Share buybacks $15m Unrestricted $52.5m $48.1m • Bond repurchases $14m Restricted $52.5m
Slide 15: Debt analysis
Debt analysis FY2026 FY2025 Total loans and borrowings (US$ million) 576.1 652.3 Net indebtedness (US$ million) 523.7 604.2 Weighted average cost of debt 7.0% 6.6% Weighted average cost of secured debt 5.3% 5.2% Proportion of fixed/hedged interest rate debt 97.3% 84.2% Net debt/Total assets 52.3% 54
Slide 16: Debt maturity profile
Debt maturity profile At 30 June 2026 350 322 300 250 200 US$ m 300 150 143 100 90 50 40 7 24 27 53 20 33 9 24 20 22 27 - FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 onwards Secured loans Warehouse loans Unsecured 16
Slide 17: Strategy & Outlook
avation PLC Strategy & Outlook
Slide 18: Growth strategy and company vision
Growth strategy and company vision • Grow aircraft fleet to boost revenue Grow revenue and earnings • Maintain efficient cost of capital with tight control of overheads • 12 ATRs on order for delivery to 4Q2029 • Purchase rights on further 19 ATRs Prudently grow fleet portfolio • Acquire additional
Slide 19: FY2027 focus
FY2027 focus • Take delivery and place new ATRs from our orderbook • Transition or extend one ATR 72-600 • Transition or extend the airBaltic A220s • Identify and secure opportunities to grow narrowbody fleet in secondary SLB and trading channels • Continue to broaden funding and capital sources 19
Slide 20: Projected fleet growth
Projected fleet growth Number of Aircraft 80 78 70 16 60 56 14 48 8 50 1 42 6 5 1 1 40 36 4 13 33 1 2 13 13 1 1 30 13 13 13 20 34 28 29 24 10 19 20 0 FY2026A FY2027E FY2028E FY2029E FY2030E FY2031-34E Turboprop Narrowbody Widebody Turboprop Purchase Rights Secondary Market Purchases Notes: 1. Fleet
Slide 21: Lease expiry profile
Lease expiry profile Lease Expiry 8 7 Number of Aircraft 6 5 4 3 2 1 0 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2038 ATR 72-500 ATR 72-600 A320-200 A321-200 A220-300 A330-300 21
Slide 22: Investment Thesis and Peer Comparisons
Investment Thesis and Peer Comparisons
Slide 23: Investment thesis
Investment thesis Scarcity in strong upcycle/market imbalance: Strong macro backdrop this decade with AVAP one of only four listed pure-play aircraft lessors globally Growth via orderbook: One of an increasingly limited number of lessors with a direct OEM orderbook, and holding one of the largest le
Slide 24: Avation lease yield highest among peers
Avation lease yield highest among peers Lease Yields vs Average Fleet Age 14.0% 10 9 12.0% 8 10.0% 7 Average Fleet Age (years) 6 Lease Yield 8.0% 5 6.0% 4 4.0% 3 2 2.0% 1 0.0% 0 SMBC AC ACG ALC CALC BOCA Aircastle Avolon AerCap DAE Avation 2025 Lease Yield Average Fleet Age Notes: ACG=Aviation Capit
Slide 25: 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 26: Discount to NAV well below peer group
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 Notes: Annual trailing price-book-ratios based on 30 October 2026 closing prices. 2026 values are based on current
Slide 27: Conclusion
Conclusion Growth opportunities via orderbook, purchase rights and secondary market amid strong upcycle Competitive edge in turboprop asset class De-risking the business via lessee diversification, lease-term expansion with new deliveries Improved credit metrics and ratings Equity and debt buybacks
Slide 28: Appendices
avation PLC Appendices
Slide 29: 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 30: Well-placed to meet market demand
Well-placed to meet market 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 and
Slide 31: Market values remain robust
Market values remain robust MVs have increased due to high demand for air travel and supply challenges Market Values 10-Year-Old Aircraft (1) 45 40 35 30 25 US$ m 20 15 10 5 0 ATR 72-600 A320-200 A321-200 A330-300 1 July 2023 1 July 2024 1 July 2025 1 July 2026 1. Half-life condition, basic configur
Slide 32: 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 12 firm ATR 72 orders, among the largest lessor ATR
Slide 33: ATR operators have global footprint
ATR operators have global footprint 200 100 1300 Operators Countries In Service 33 Source: ATR
Slide 34: 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 [email protected] [email protected] ashley