If They Build It, Earnings Will Come. It Just Takes Time.

研报英文原文证据摘录

If They Build It, Earnings Will Come. It Just Takes Time.

June 17, 2026 Sky Harbour GroupREAL (SKYH, Buy, $13 PT)

Thomas Catherwood

If They Build It, Earnings Will Come. It Just Takes Time. (212) 738-6140 tcatherwood@btig.comESTATE Michael Tompkins WHAT YOU SHOULD KNOW: We are updating our estimates following SKYH's 1Q26 (212) 527-3566 mtompkins@btig.com

earnings release on May 14th. At the time, a more measured pace of earnings growth Company Data

- up 4.8% sequentially vs. our estimate of 30.9% - caught the market by surprise and

shares traded off (8.4%). A strategic shift to lease new campuses at short-term "teaser" Closing Price $9.40EQUITY Price Target $13.00 rates was a drag on earnings and pushes stabilization timelines from 12-18 months to

~24 months. That said, our investment thesis remains intact as we ultimately expect Market Cap (M) $719.36

SKYH's campuses to deliver double digit yields on cost, a 500+ bps spread to the Shares Out (M) 76.53

company's cost of capital. As such, we reiterate our Buy rating and $13 PT. Avg Daily Vol-3 Months (M) 0.16

■ 1Q26 Earnings Review (the numbers). SKYH reported 1Q adjusted EBITDA of Dividend / Yield $0.00 / 0.0%RESEARCH ($1.5M), ($1.2M) below our estimate of ($0.3M) (see Exhibit 4). Variances to our Revisions

model included ($1.6M) lower than anticipated rental revenue which was partially Previous Current

offset by a $0.4M combined benefit from higher fuel revenue and lower than

anticipated cash G&A expense. On the capital allocation front, SKYH completed Rating Buy Buy

$30.5M of construction spending, which was approximately in line with our Price Target $13.00 $13.00

estimate and ~63% above the T4Q average. FY26E REV 47.08 41.10

FY27E REV 72.79 59.59 ■ Campus Lease-Up Timelines and Opening Costs. With 1Q26 earnings,