Slides
Page 1
FOURTH QUARTER 2025 FINANCIAL RESULTS AERCAP HOLDINGS N.V .
Page 2
2 © AerCap FORWARD - LOOKING STATEMENTS AND NON - GAAP FINANCIAL INFORMATION As a result, we cannot assure you that the forward - looking statements included in this presentation will prove to be accurate or correct . These and other important factors and risks are discussed in AerCap's annual report on Form 20 - F and other filings with the United States Securities and Exchange Commission . In light of these risks, uncertainties and assumptions, the future performance or events described in the forward - looking statements in this presentation might not occur . Accordingly, you should not rely upon forward - looking statements as a prediction of actual results . We do not assume any responsibility for the accuracy or completeness of any of these forward - looking statements . Except as required by applicable law, we do not undertake any obligation to update any forward - looking statements, whether as a result of new information, future events or otherwise . In addition to presenting financial results in conformity with U . S . generally accepted accounting principles ("GAAP"), this presentation includes certain non - GAAP financial measures . We believe these measures and metrics may further assist investors in their understanding of our performance . These measures and metrics should not be viewed in isolation and should only be used in conjunction with and as a supplement to our U . S . GAAP financial measures . Non - GAAP measures and metrics are not uniformly defined by all companies, including those in our industry, and so this additional information may not be comparable with similarly - titled measures and metrics and disclosures by other companies . Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures . This presentation contains certain statements, estimates and forecasts with respect to future performance and events . These statements, estimates and forecasts are “forward - looking statements” . In some cases, forward - looking statements can be identified by the use of forward - looking terminology such as “may,” “might,” “should,” “expect,” “plan,” “intend,” “will,” “aim,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue” or the negatives thereof or variations thereon or similar terminology . Any statements other than statements of historical fact included in this presentation are forward - looking statements and are based on various underlying assumptions and expectations and are subject to known and unknown risks, uncertainties and assumptions and may include projections of our future financial performance based on our growth strategies and anticipated trends in our business . These statements are only predictions based on our current expectations and projections about future events . There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied in the forward - looking statements, including but not limited to the availability of capital to us and to our customers and changes in interest rates ; the ability of our lessees and potential lessees to make lease payments to us ; our ability to successfully negotiate flight equipment (which includes aircraft, engines and helicopters) purchases, sales and leases, to collect outstanding amounts due and to repossess flight equipment under defaulted leases, and to control costs and expenses ; changes in the overall demand for commercial aviation leasing and aviation asset management services ; the continued impacts of the Ukraine Conflict, including the resulting sanctions by the United States, the European Union, the United Kingdom and other countries, on our business and results of operations, financial condition and cash flows ; the effects of terrorist attacks on the aviation industry and on our operations ; the economic condition of the global airline and cargo industry and economic and political conditions ; the impact of hostilities in the Middle East and Latin America, or any escalation thereof, on the aviation industry or our business ; trade tensions, including actual or threatened U . S . tariffs and retaliatory measures by some countries, and the resulting geopolitical uncertainty ; development of increased government regulation, including travel restrictions, sanctions, regulation of trade and the imposition of import and export controls, tariffs and other trade barriers ; a downgrade in any of our credit ratings ; competitive pressures within the industry ; regulatory changes affecting commercial flight equipment operators, flight equipment maintenance, engine standards, accounting standards and taxes ; and disruptions and security breaches affecting our information systems or the information systems of our third - party providers .
Page 3
3 © AerCap GAAP Net Income of $3.8 Billion, Adjusted Net Income of $2.7 Billion $3.9 Billion of Sales; 27% Gain - on - Sale Margin, 2.0x Book Equity Multiple Added 103 Aircraft (including Options) to Order Book FY 2026 EPS Guidance of $12.00 - $13.00, Not Including Any Gains on Sale Returned $2.6 Billion to Shareholders through Share Repurchases and Dividends 2025 KEY HIGHLIGHTS
Page 4
4 SIGNIFICANT ACTIVITY ACROSS ALL BUSINESS LINES © AerCap AerCap leased, purchased and sold 705 assets in 2025 ENGINES 194 TRANSACTIONS 106 LEASED 53 PURCHASED 35 SOLD AIRCRAFT 410 TRANSACTIONS 194 LEASED 71 PURCHASED 145 SOLD HELICOPTERS 101 TRANSACTIONS 71 LEASED 21 PURCHASED 9 SOLD TOTAL 705 TRANSACTIONS 371 LEASED 145 PURCHASED 189 SOLD
Page 5
($ million) *These items are presented pre - tax. See Supplemental Information – Adjusted Net Income and EPS Reconciliation and Endnotes. EPS GAAP Net Income Purchase Accounting Adjustments* Adjusted Net Income Income Tax Effect 5 Increase Decrease 4Q 2025 NET INCOME WALK Net income of $633 million, or $3.79 per share Adjusted net income of $660 million, or $3.95 per share Purchase accounting adjustments include: $25 million related to lease premium amortization affecting basic lease rents $36 million related to maintenance revenues $13 million of amortization affecting leasing expenses $3.79 $0.45 ($0.26) ($0.03) $3.95 © AerCap Net Recoveries Related to Ukraine Conflict* 4Q 2025 Adjusted Net Income 633 74 (43) (5) 660
Page 6
Basic lease rents were $1,688 million, and were negatively impacted by $25 million of lease premium amortization Maintenance rents and other receipts were $225 million, and were negatively impacted by $36 million of maintenance rights assets amortized to revenue Net gain on sale of assets was $253 million, representing a 24% unlevered gain - on - sale margin, or 1.9x book value on an equity basis Net recoveries related to Ukraine Conflict were $43 million, consisting of insurance settlement proceeds Interest expense was $474 million Leasing expenses were $380 million, which included $13 million of maintenance rights amortization expenses and were higher than usual due to costs related to the restructuring of Spirit Airlines Income tax expense was $78 million, which represented an effective tax rate of 12.3% Equity in net earnings of investments accounted for under the equity method was $80 million, primarily driven by continued strong earnings from our Shannon Engine Support joint venture © AerCap 6 4Q 2025 FINANCIAL DRIVERS 6
Page 7
($ million) *These items are presented pre - tax. See Supplemental Information – Adjusted Net Income and EPS Reconciliation and Endnotes. EPS GAAP Net Income Purchase Accounting Adjustments* Adjusted Net Income Income Tax Effect 7 Increase Decrease FULL YEAR 2025 NET INCOME WALK Net income of $3.8 billion, or $21.30 per share Adjusted net income of $2.7 billion, or $15.37 per share Purchase accounting adjustments include: $104 million related to lease premium amortization affecting basic lease rents $87 million related to maintenance revenues $71 million of amortization affecting leasing expenses $21.30 $1.49 ($8.46) $1.05 $15.37 © AerCap Net Recoveries Related to Ukraine Conflict* FY 2025 Adjusted Net Income 3,751 262 (1,490) 184 2,706
Page 8
Adjusted leverage ratio of 2.1 x 4Q 2025 operating cash flow of $ 1.2 billion Secured debt - to - total assets ratio of ~ 10 % Average cost of debt of 4.1 % in 4Q 2025 3.5 million shares repurchased in 4Q 2025 for a total of $ 444 m illion © AerCap 8 Sources vs. Uses (Next 12 Months) (as of December 31, 2025) STRONG LIQUIDITY POSITION Next 12 months’ sources - to - uses coverage of 1.8 x, with ~$ 21 billion sources of liquidity ~ $1 ~ $10 ~ $2 ~ $2 ~$5 ~ $6 ~ $5 Excess Coverage ~$9 - 2 4 6 8 10 12 14 16 18 20 22 Sources Uses ($ billion) See Supplemental Information – Capital Structure and Endnotes. Cash Capex Debt Maturities Operating Cash Flow Estimated Sales Other Committed Debt Unsecured Revolvers Cash
Page 9
© AerCap 9 CONTINUED STRONG GROWTH IN BOOK VALUE PER SHARE CAGR = compound annual growth rate. See Supplemental Information – Book Value per Share and Endnotes. AerCap’s book value per share has increased by 68% since 20 22 AerCap Book Value Per Share Growth $66.85 $112.59 - $20 $40 $60 $80 $100 $120 2022 2023 2024 2025 Book value per share of $112.59 as of December 31, 2025, an increase of 19% from December 31, 2024 Over the past three years, AerCap’s book value per share has increased by over $45
Page 10
AERCAP GUIDANCE 2026 © AerCap
Page 11
11 2026 GUIDANCE WALK Walk from 2025 Adjusted EPS to Estimated 2026 Adjusted EPS $15.37 $12.00 - $13.00 Not Including Any Gains on Sale ~(3.95) ~(0.45) ~(0.30) ~1.80 - $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 Lower Effective Tax Rate in 2025 Other Income All items are presented after - tax. Increase Decrease Estimated 2026 adjusted EPS of $12.00 - $13.00, not including any gains on sale © AerCap 2025 Adjusted EPS 2025 Gains on Sale All Other, Including Lease Rents, Maintenance Contribution and Benefits from Share Repurchases Estimated 2026 Adjusted EPS
Page 12
12 2026 PROJECTED INCOME STATEMENT ($ billion, except per share amounts) Projected FY 2026 Basic Lease Rents $6.7 Maintenance Revenue 0.7 Other Income 0.2 Total Revenue $7.6 Depreciation & Amortization (2.6) Interest Expense (2.0) Leasing Expenses, SG&A & Other Expenses (1.2) Total Expenses ($5.8) Pre - Tax Income $1.8 Income Tax Expense (0.3) Income from Equity Method Investments 0.2 GAAP Net Income $1.7 Purchase Accounting Adjustments (After - Tax) 0.3 Adjusted Net Income $2.0 Adjusted Earnings Per Share, Not Including Any Gains on Sale $12.00 - $13.00 We expect to generate adjusted EPS of $12.00 - $13.00, not including any gains on sale Assumes cash capex of ~$5.2 billion Assumes sales of $2.0 - $3.0 billion Assumes effective tax rate of 15.5% © AerCap
Page 13
Q&A © AerCap
Page 14
© AerCap SUPPLEMENTAL INFORMATION
Page 15
© AerCap 15 ADJUSTED NET INCOME AND EPS RECONCILIATION 4Q 2025 FY 2025 ($ million, except per share amounts) Net Income Earnings Per Share ($) Net Income Earnings Per Share ($) Net Income / Earnings Per Share $633 $3.79 $3,751 $21.30 Net Recoveries Related to Ukraine Conflict (43) (0.26) (1,490) (8.46) Amortization of Maintenance Rights and Lease Premium Assets Recognized under Purchase Accounting 74 0.45 262 1.49 Income Tax Effect (5) (0.03) 184 1.05 Adjusted Net Income / Earnings Per Share $660 $3.95 $2,706 $15.37 See Supplemental Information – Endnotes.
Page 16
© AerCap 16 FULL - YEAR 2026 ADJUSTED EPS GUIDANCE ($ billion, except per share amounts) Projected FY 2026 Net Income / EPS Net Income $1.7 Amortization of Maintenance Rights and Lease Premium Assets Recognized under Purchase Accounting 0.3 Income Tax Effect (0.0) Adjusted Net Income $2.0 Adjusted Earnings Per Share $12.00 - $13.00
Page 17
© AerCap 17 (million, except per share data) Dec. 31, 2025 Total Shareholders’ Equity $18,323 Ordinary Shares Outstanding 166.9 Unvested Restricted Stock (4.1) Ordinary Shares Outstanding (excl. Unvested Restricted Stock) 162.7 Book Value Per Share $112.59 BOOK VALUE PER SHARE See Supplemental Information – Endnotes. Note numbers may not add up due to rounding.
Page 18
© AerCap 18 CAPITAL STRUCTURE Adjusted Debt/Equity Calculation ($ million) Dec. 31, 2025 Dec. 31, 2024 Debt $43,565 $45,295 Adjusted for: Unrestricted cash & cash equivalents 50% equity credit for long - term subordinated debt (1,379) (1,125) (1,209) (1,125) Adjusted Debt 41,061 42,960 Equity 18,323 17,185 Adjusted for: 50% equity credit for long - term subordinated debt 1,125 1,125 Adjusted Equity $19,448 $18,310 Adjusted Debt / Equity Ratio 2.11 to 1 2.35 to 1
Page 19
© AerCap 19 AIRCRAFT TYPE NUMBER OF ASSETS OWNED % NET BOOK VALUE NUMBER OF ASSETS MANAGED NUMBER OF ASSETS ON ORDER TOTAL ASSETS Airbus A220 Family 19 1% 6 - 25 Airbus A320neo Family 433 31% 31 161 625 Airbus A320 Family 351 6% 35 - 386 Airbus A330neo Family 12 2% 2 6 20 Airbus A330 Family 40 1% 5 - 45 Airbus A350 Family 41 7% 6 - 47 Boeing 737 MAX 89 6% 9 92 190 Boeing 737NG 212 7% 50 - 262 Boeing 777 - 200ER / 300ER 29 2% - - 29 Boeing 787 112 17% - 14 126 Embraer E190 / E195 / E2 55 2% - 5 60 Other 20 - - 5 25 Total Passenger Aircraft 1,413 82% 144 283 1,840 Airbus A321 6 - - - 6 Boeing 737 57 2% 4 - 61 Boeing 767 / 777 25 1% - - 25 Total Freighter Aircraft 88 3% 4 - 92 Total Engines 470 9% 728 35 1,233 Total Helicopters 323 6% - 12 335 Grand Total 2,294 100% 876 330 3,500 HIGH - QUALITY & WELL - DIVERSIFIED PORTFOLIO New technology assets comprise 76% of total fleet Number of managed engines includes SES owned and managed engines as of December 31, 2025, but excludes 64 engines SES had on ord er as of December 31, 2025.
Page 20
© AerCap 20 AIRCRAFT TYPE 2026 2027 2028 2029 2030 THEREAFTER TOTAL Airbus A320neo Family 30 36 31 27 17 20 161 Airbus A330neo Family 1 5 - - - - 6 Boeing 737 MAX 39 20 15 15 3 - 92 Boeing 787 11 3 - - - - 14 Embraer E195 - E2 5 - - - - - 5 Other - - - - - 5 5 Total Passenger Aircraft 86 64 46 42 20 25 283 Total Engines 25 10 - - - - 35 Total Helicopters 11 1 - - - - 12 Grand Total 122 75 46 42 20 25 330 FORWARD ORDERS AND PURCHASE/LEASEBACKS In addition, we have options to purchase up to 45 A320neo Family aircraft from Airbus and SES has 64 engines on order. See Supplemental Information – Endnotes.
Page 21
21 © AerCap SLIDE 4 : Significant Activity Across All Business Lines Annual transactions shown are for AerCap’s owned and managed fleet excluding SES transactions. SLIDES 5 AND 7 : 4Q and Full Year 2025 Net Income Walk Purchase accounting adjustments consist of the amortization of maintenance rights and lease premium assets recognized under p urc hase accounting. SLIDE 8 : Strong Liquidity Position Cash Capex includes expected cash payments for aircraft deliveries and pre - delivery payments during the next 12 months. SLIDES 9 AND 17 : Continued Strong Growth in Book Value per Share / Book Value per Share Book value per share is based on ordinary shares outstanding excluding unvested restricted stock. Unvested restricted stock represents ordinary share units issued under our share incentive schemes that vest only upon the satisfaction of certain cond it ions. SLIDE 15 : Adjusted Net Income and EPS Reconciliation Amortization of maintenance rights and lease premium assets recognized under purchase accounting includes $25 million adjustm ent to basic lease rents, $36 million adjustment to maintenance revenues and $13 million adjustment to leasing expenses for 4Q 2025 and $104 million adjustment to basic lease rents, $87 million adjustment to mainte nan ce revenues and $71 million adjustment to leasing expenses for full year 2025. SLIDE 20 : Forward Orders and Purchase/Leasebacks As of December 31, 2025. ENDNOTES
Page 22
NEVER STAND STILL PROPERTY OF AERCAP © 2026