AeroSphere Business Plan › Section 1 › Executive Summary

AeroSphere Gateway Holdings (Pty) Ltd (“AeroSphere” or the “Company”)
is a next-generation, privately operated aviation-infrastructure
platform created to capitalise on one of Southern Africa’s most
compelling structural growth stories: the rapid, sustained recovery and
expansion of air travel, air cargo and integrated airport-city
(“aerotropolis”) development. The Company’s strategy is anchored in a
proven, commercially validated operating model — that of a privately
owned, efficiency-led regional airport ecosystem — and is designed to
deliver diversified, inflation-linked, hard-asset-backed cash flows
across a multi-decade horizon.

The South African aviation market has demonstrated remarkable
resilience. By the 2025/26 peak season, the national airport network had
recovered to roughly 98–99% of pre-pandemic passenger volumes,
processing more than four million passengers in December 2025 alone — an
8% year-on-year increase. Across the continent, African air-cargo demand
led all global regions in 2025, and the continent’s passenger market is
forecast to more than double over the next two decades. Against this
backdrop, congestion at primary hubs, the success of privately operated
secondary airports, and the accelerating shift toward integrated
logistics and airport-linked commercial real estate together create a
multi-billion-Rand addressable opportunity that the incumbent,
predominantly state-owned model is structurally slow to capture.

1.1 Investment Highlights

• Structural demand tailwind. African aviation is
  among the world’s fastest-growing markets, with passenger traffic
  forecast to roughly double by the early 2040s and cargo demand
  consistently outpacing global averages.
• Proven private-airport model. South Africa’s
  only privately owned and operated international airport has validated
  the efficiency, cost and diversification advantages that AeroSphere is
  designed to replicate and scale.
• Diversified revenue base. Nine distinct revenue
  streams across aeronautical and non-aeronautical activities materially
  improve EBITDA resilience versus single-stream airport models.
• Hard-asset collateral. Land, airfield
  infrastructure, terminals and commercial property provide tangible
  security for senior lenders and a long-dated, appreciating asset base
  for equity holders.
• Attractive, de-risked returns. A blended project
  IRR of approximately 24%, a Year-7 EBITDA margin of around 36%, and a
  phased capital programme that limits downside exposure at each
  gate.
• Regional optionality. A replicable platform
  model with a clear secondary-market pipeline across Zambia, Botswana,
  Namibia and Mozambique.

1.2 Business at a Glance

1.3 The Opportunity in Numbers

The recovery and structural growth of South African and regional
aviation underpins the entire investment thesis. The national airport
network’s rebound to near pre-pandemic levels demonstrates the
durability of underlying demand, while the continent’s long-run growth
trajectory points to sustained capacity shortfalls that efficient
private operators are well positioned to absorb.

Figure 1.1

Figure 1.2

1.4 Funding Requirement & Use of Proceeds

AeroSphere is seeking to raise ZAR 6.8 billion in phased capital
comprising senior debt, mezzanine finance, sponsor and strategic/DFI
equity, and a modest component of grants and locational incentives. The
capital programme is deliberately staged so that each tranche is matched
to a discrete, de-riskable phase of development, with cash-generative
operations commencing well before the full programme is complete.

Figure 1.3

1.5 Summary Financial Profile

Figure 1.4

The Company will position itself, over the planning horizon, as
“Southern Africa’s Private Aviation Gateway Platform” — the partner of
choice for airlines seeking lower-cost, faster-turnaround alternatives
to congested primary hubs; for logistics operators requiring modern,
integrated cargo infrastructure; and for investors seeking diversified,
hard-asset-backed exposure to one of the continent’s most durable growth
themes.

Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of AeroSphere Gateway Holdings (Pty) Ltd.