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Avation (AVAP) investor relations material
Avation H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Owned a diversified fleet of 33 aircraft leased to 16 airlines across 15 countries as of December 31, 2025, with a focus on narrow-body and turboprop aircraft and a fully utilized fleet.
Achieved portfolio growth through new ATR deliveries, secondary market acquisitions, and lease extensions, including a key A330-300 lease with EVA and new ATR 72-600 placements.
Improved credit ratings (Moody’s B1, Fitch B, S&P B), extended debt maturity with a $300 million bond due 2031, and maintained a stable capital structure.
Net indebtedness reduced by $61.5 million to $542.7 million, and net asset value per share increased to £2.74 ($3.70).
Share buybacks reduced outstanding shares by 6.4% since June 2025.
Financial highlights
Total income for the six months ended December 31, 2025, rose to $56.0 million, with EBITDA at $54.0–$55.6 million and operating profit up to $29.3 million year-over-year.
Net loss after tax of $4.9 million, mainly due to non-recurring non-cash expenses related to bond redemption.
Net indebtedness reduced to $542.7 million from $604.2 million at FY2025.
Net asset value per share increased to £2.74 ($3.70), aided by share buybacks.
Lease rental revenue decreased 1.0% to $44.1 million due to asset sales, but total revenue increased.
Outlook and guidance
Fleet projected to grow from 33 to 45 aircraft by FY2028, with nine ATR 72-600s scheduled for delivery by Q2 2028 and 24 ATR 72 purchase rights through June 2034.
Lease yield expected to remain above 11% in the near term.
No significant loan maturities until FY 2028, providing financial stability.
Focus on portfolio optimization, disciplined capital allocation, and maintaining financial flexibility.
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