Sky Harbour Group (SKYH) Noble Capital Markets Virtual Equity Investor Conference summary

Business model and tenant proposition

• Develops, owns and operates hangars and office space for business jets and general aviation; rent is the primary revenue source, supplemented by fuel and aviation services.

• Secures airport sites through ground leases typically extending up to 50 years, avoiding upfront land acquisition costs and enabling tax-exempt private activity bond financing.

• Vertically integrated design and architecture; captive metal-building manufacturer Stratus Building Systems and general contractor Ascend Aviation Services support cost control.

• Targets low-to-mid-teen property-level NOI yields; low-cost financing can lift returns on equity above those yields.

• Tenants include high-net-worth aircraft owners, corporate fleets such as Chevron, charter operators and government clients.

Market opportunity and differentiation

• Business aviation fleet square footage is growing as aircraft numbers and average aircraft sizes rise; larger jets are increasing faster than the fleet overall.

• Hangar supply lags fleet growth amid scarce airport land, limited airport expansion and FBOs’ focus on fuel sales rather than hangar investment.

• Operates as a home-base operator for resident aircraft rather than serving transient traffic; dedicated hangar space offers aircraft owners privacy, security and a quieter campus.

• Closest competition for business-aviation land comes from FBOs; local developers compete on some projects, while private equity interest has increased for existing-asset acquisitions.

Portfolio and growth plans

• Portfolio includes 23 announced ground leases: 8 operating campuses, 4 under construction and 11 in pre-development; Van Nuys was the latest announced site.

• Construction completions and lease-up are expected through year-end 2026 and into 2027, with further projects starting over the next few years and a pipeline extending into 2028.

• Management expects EBITDA to turn positive by the end of 2026 and remain positive into 2027 as campuses complete construction and lease up.

• Corporate staffing is sized to support roughly 40–50 airports; corporate expenses are expected to stay relatively flat over the next few years as campus-level headcount and operating costs grow.