Market sizing follows a top-down structure cross-checked against fleet economics. The total addressable market, African charter, contract and specialised aviation across the Company’s service lines, runs to tens of billions of rand. The serviceable addressable market, comprising the South African and Southern-African segments the Company can realistically reach (executive charter, mining and energy, medevac, tourism, infrastructure, cargo and MRO), is estimated at roughly R9 billion. The serviceable obtainable market, Apex’s Year-5 revenue of R890 million, is a modest share of SAM.

Bottom-up cross-check — the fleet

The revenue reconciles bottom-up against the fleet. The plan builds from roughly ten aircraft at launch to around thirty-four by Year 5, at rising utilisation (average flight hours per aircraft climbing from the low-400s toward 700) and rising revenue per aircraft (from about R16 million to R26 million). A meaningful share of Year-5 revenue, maintenance (MRO), training and aircraft management, is not owned-fleet-dependent, which improves capital efficiency. Revenue beyond the modelled fleet reflects the fuller pan-African ambition and is treated as a capital-requirement finding.

Serviceable market by segment

The serviceable market spans the Company’s core service lines, each a substantial market in its own right. The Year-5 revenue is built as a modest, credible share of each, spread across resilient contract work and higher-margin discretionary flying.