Avation PLC

Good afternoon ladies and gentlemen and welcome to Evasion PLC full year results call. At this time all participants are in listen only mode. Later we will conduct a question and answer session. Participants may submit written questions using the ask a question button on the Spark Live webcast page. I would like to remind all participants that this call is being recorded. I will now hand over to Duncan Scott, Group Legal Counsel, to read out the legal disclaimers. Please go ahead, Duncan.

Thanks. Today, on the 1st of October, Evasion published its audited financial results for the financially ended 30 June 2025. A copy of our earnings release is available on our website at www.evasion.net. This call is being webcast and recorded, and the webcast will be available for replay on our website. Please note that certain statements in this call, including answers to your questions, are forward-looking statements, including without limitation statements regarding our future operations and performance, revenues, operating expenses, other income and expense items. These statements and any projections as to the company's future performance represent management's estimates of future results and speak only as of today, 1st October 2025. These estimates involve risks and uncertainties that could cause actual results to differ materially from expectations. Further information on the factors and risks that may affect Evasion's business are included in Evasion's regulatory announcements from time to time, including its annual report and half-year results announcements. Evasion assumes no obligation to update any forward-looking statements or information in light of new information or future events. Unauthorized recording of this transmission is not permitted. I'll now hand over to our executive chairman, Jeff Chatfield.

Thank you, Duncan. If we go to the snapshot of ovation, which is slide four, we note that it's the 2nd of October, not the 1st. So the snapshot of ovation at 30th of June is as follows. We had 33 aircraft, 16 airline customers in 14 countries, a mixture of wide-body, narrow-body, and turboprop, with the majority, 57%, being narrow-body commercial aircraft. We have new credit ratings of B1 from Moody's, B from Fitch, and B- from S&P, which is an upgrade from previously. We have 8.5 years weighted average aircraft age, 3.9 years weighted average remaining lease terms, $1.1 billion in total assets, 361 million in unearned contracted lease receivables. So the portfolio, which is page five, we have, as I said before, we have 13 ATR 72s with 10 on order and 24 purchase rights. So we have a good growth. platform and an order book that we can develop over the next few years. We have numerous Airbus narrow-body aircraft. So we have six A321-200s on lease and a number of others. And two twin-aisle aircraft, two wide-body aircraft. This is at June 30, one with Philippine Airlines and one with EVA, although we've now sold the Twin Isle aircraft that was with Philippine Airlines. Next slide. So if we look at our customer base, we've been very much focused on diversification over the last few years. So we have dramatically increased the number of clients and spread it around a lot. So notably, we've recently acquired an aircraft with Etihad Airways, which is a very high quality client. and over time and click obviously, which is another one in Columbia that recently. So we're gradually diversifying and making sure that our risk customer concentration risk is reduced. Next slide to do with the results. So page eight, the highlights. So we acquired two ATR 72 aircraft from the order book and sold them. Our business is leasing aircraft, not really just taking new ones and selling them, but it was opportunistic and a way of financing the order book and demand was there. So we took a conservative approach and sold them. As I said earlier, we've acquired an A320-200 on lease to Etihad. We've Sold the Boeing 777-300ER, which was on lease to PAL. The reason for that is it's an out of production aircraft, big amount of money, and the bid price was quite high. So economically and from a risk management perspective, it was sort of the right decision to let it go. We've extended a couple of leases. We've extended the lease to EasyJet. We're in negotiation with other airlines to extend leases. We have a new six-year lease with Qlik. We have another, we've got obviously 12-year leases signed in Korea and Cambodia for two of the ATR order books, which will extend our lease term once they're in place. Further highlights, page nine, We have 10 ATR 72 600s to be delivered between Q4 25 and Q2 of 28. And we have 24 additional purchase rights. So we have a pipeline of orders that we can deliver over the next few years. Very important for us to be able to place those aircraft and develop the fleet assets, but also diversify around and get as many clients as possible. We have improved our credit ratings significantly. Moody's has given us a B1 with a stable outlook. Fitch has given us a rating of B with a stable outlook. And we've also managed to extend the Singapore aircraft leasing scheme and we've obtained a five-year extension to our ALS tax incentive, which gives an 8% corporate tax rate on operating leases and related activities for the Singapore entities. So that incentive runs until April, 2029. So FY25 summary, total income was $112.5 million, EBITDA was $107 million, And the net indebtedness reduced from 651 million to 604 million. We've paid a lot of debt off. The NAV in US dollar terms per share increased to 366. The cash at 30 June was 130 million US dollars. And in the results announcement, there's a September figure, which is much higher than that as well. So the business is operating cash flow positive. and generating cash. And what I'd like to do now to explain things further is hand to Ian Court to continue the presentation from slide 11.