Offtake agreements per purchaser % of offtake agreem ents to date (n=141)3% Breakdown by corporate region Other European countries United States Germany Hong Kong United Kingdom Undisclosed24% 24% 17%17%14%21% 79%Corporates AirlinesBreakdown by corporate sector Logistics & cargo carriers Aerospace manufacturers Others Airport Aviation fuel supplier Oil & gas Travel & tourism Financial institution31% 21% 17%10%10%3%3%3%1. 2. FIGURE 7 Number of offtake agreements, by corporate type and region, up to 2024 Sources: ICAO, Kearney analysis for Airports of Tomorrow. This investment boost has had a positive impact on the perception of technology risk as well. Some financiers, who believe non-HEFA pathways are maturing, are becoming more comfortable with the technology risks associated with SAF plants, resulting in more investment into SAF projects worldwide. Not all energy players have pulled out of SAF investment, with some doubling down on capacity expansion without significant issues in securing financing. Where there are favourable policy conditions or the involvement of other players, such as scope 3 buyers and multilateral development banks to reduce risks, energy majors have also invested in the sector. Nearly four out of five SAF offtake agreements to date were signed by commercial airlines, while “corporates” signed the remaining 21%. Of these, about half were signed by logistics companies, cargo carriers and aerospace manufacturers (see Figure 7). We strongly believe in transformative partnerships across the full aviation value chain and beyond. Not only do we supply major airlines, we also offer SAF certificates to corporate customers like Microsoft. These alliances help us build a strong SAF industry and underscore our commitment to innovation, sustainability and excellence. We are proud to lead this change, driving progress and making a lasting impact on the aviation industry and our planet. Alfred Stern, Chairman of the Executive Board and Chief Executive Officer, OMVCollaboration among every member of the SAF ecosystem is critical to expanding SAF production and distribution. We know the important role airlines, policy-makers and investors play in scaling the industry, but corporations play a critical role as well. Companies looking to address their scope 3 emissions are uniquely positioned to help scale the availability of SAF through voluntary offtake agreements. By enabling scope 3 offtakers to share the responsibility, voluntary offtake agreements help relieve first-mover disadvantage and open up the broader marketplace. This helps drive demand for SAF and sets a strong example for other companies to follow. Gene Gebolys, Chief Executive Officer, World Energy Global Aviation Sustainability Outlook 2025 14