Slides
Page 1
SECOND QUARTER 2026 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 impact of the conflict in the Middle East, including the Iran conflict, or any escalation thereof, on the aviation industry or our business ; 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 ; 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 Strong 2Q 2026 Results: GAAP EPS of $4.59, Adjusted EPS of $5.14 Raising FY 2026 Adj. EPS Guidance to ~$16.80, Not Including Any 2H 2026 Gains on Sale GAAP ROE of 16% and Adjusted ROE of 18% for 2Q 2026 Over $1.4 Billion of Share Repurchases in 1H 2026, ~6% of Outstanding Shares $1.4 Billion of Asset Sales; 20% Gain - on - Sale Margin, 1.7x Book Equity Multiple KEY HIGHLIGHTS Placed Order for 15 Boeing 787 Aircraft in July 2026 See Supplemental Information – Endnotes.
Page 4
4 Undersupply of aircraft and delayed fleet renewal support long - term demand for new technology widebody aircraft Widebody Retirements Remain Below Historical Levels - 20 40 60 80 100 120 140 160 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (Units) Widebody Deliveries Remain Below 2019 Peak - 50 100 150 200 250 300 350 400 450 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Airbus Boeing Undelivered (Units) Average 127 per year Average 86 per year ~1,400 WB AIRCRAFT © AerCap WIDEBODY REPLACEMENT DEMAND CONTINUES TO BUILD See Supplemental Information – Endnotes.
Page 5
5 © AerCap BALANCED CAPITAL DEPLOYMENT IN 2026 YTD We have placed large aircraft orders while returning significant capital to shareholders and maintaining financial flexibilit y 131 New Aircraft Ordered 2.05x Adjusted Leverage >$1.5 Billion Returned to Shareholders 116 A320neo Family aircraft 15 Boeing 787 aircraft ~$3.5 billion of excess capital available $1.4 billion of shares repurchased $0.1 billion of dividends paid See Supplemental Information – Capital Structure.
Page 6
($ million) EPS GAAP Net Income Purchase Accounting Adjustments* Adjusted Net Income Income Tax Effect 6 Increase Decrease 2Q 2026 NET INCOME WALK Net income of $726 million, or $4.59 per share Adjusted net income of $811 million, or $5.14 per share Purchase accounting adjustments include: $26 million related to lease premium amortization affecting basic lease rents $36 million related to maintenance revenues $67 million of amortization affecting leasing expenses $4.59 $0.82 ($0.18) ($0.10) $5.14 © AerCap Net Recoveries Related to Ukraine Conflict* 2Q 2026 Adjusted Net Income 726 129 (28) (15) 811 *These items are presented pre - tax. See Supplemental Information – 2Q 2026 Adjusted Net Income, EPS & ROE Reconciliation and Endnotes.
Page 7
Basic lease rents were $1,677 million, and reflected $26 million of lease premium amortization Maintenance rents and other receipts were $177 million, and reflected $36 million of maintenance rights asset amortization Net gain on sale of assets was $223 million, representing a 20% unlevered gain - on - sale margin, or 1.7x book value on an equity basis Interest expense was $468 million Leasing expenses were $150 million, which included $67 million of maintenance rights amortization expenses Income tax expense was $123 million, which represented an effective tax rate of 15.5% 7 2Q 2026 FINANCIAL DRIVERS 7 © AerCap
Page 8
Adjusted leverage ratio of 2.05x 2Q 2026 operating cash flow of $ 1.5 billion Secured debt - to - total assets ratio of ~ 9 % Average cost of debt of 4.2% in 2Q 2026 4.9 million shares repurchased in 2Q 2026 for total of $691 million 8 Sources vs. Uses (Next 12 Months) (as of June 30, 2026) STRONG LIQUIDITY POSITION Next 12 months’ sources - to - uses coverage of 1.9 x, with ~$22 billion sources of liquidity ~$2 ~ $10 ~$3 ~ $2 ~$5 ~ $7 ~$5 Excess Coverage ~$10 - 2 4 6 8 10 12 14 16 18 20 22 Sources Uses ($ billion) Cash Capex Debt Maturities Operating Cash Flow Estimated Sales Other Committed Debt Unsecured Revolvers Cash © AerCap See Supplemental Information – Capital Structure and Endnotes
Page 9
RAISING FULL - YEAR 2026 GUIDANCE Full - year 2026 adjusted EPS guidance increased to ~$16.80, not including any additional 2H 2026 gains on sale 9 © AerCap Key drivers of outperformance include: 1H 2026 gains on sale of $514 million Higher net maintenance contribution and other income Does not include any additional 2H 2026 gains on sale See Supplemental Information – Full - Year 2026 Adjusted EPS Guidance. 2026 Adjusted Earnings Per Share Guidance $12.00 – $13.00 ~$13.00 ~$14.00 ~ $1.5 0 1Q ’26 ~$2.80 1H ’26 - $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 FY 2026 Earnings Guidance as of 4Q '25 FY 2026 Earnings Guidance as of 1Q '26 Revised FY 2026 Guidance as of 2Q '26 Gains on sale Guidance not including any gains on sale ~$14.50 ~$16.80
Page 10
Q&A © AerCap
Page 11
© AerCap SUPPLEMENTAL INFORMATION
Page 12
12 SIGNIFICANT ACTIVITY ACROSS ALL BUSINESS LINES © AerCap AerCap leased, purchased and sold 202 assets in 2Q 2026 AIRCRAFT 128 TRANSACTIONS 58 LEASED 25 PURCHASED 45 SOLD ENGINES 56 TRANSACTIONS 49 LEASED 5 PURCHASED 2 SOLD HELICOPTERS 18 TRANSACTIONS 13 LEASED 3 PURCHASED 2 SOLD TOTAL 202 TRANSACTIONS 120 LEASED 33 PURCHASED 49 SOLD See Supplemental Information – Endnotes.
Page 13
© AerCap 13 2Q 2026 ADJUSTED NET INCOME, EPS & ROE RECONCILIATION ($ million, except per share amounts) Net Income Earnings Per Share ($) Net Income / Earnings Per Share $726 $4.59 Amortization of Maintenance Rights and Lease Premium Assets Recognized under Purchase Accounting 129 0.82 Net Recoveries Related to Ukraine Conflict (28) (0.18) Income Tax Effect (15) (0.10) Adjusted Net Income / Earnings Per Share $811 $5.14 Average AerCap Holdings N.V. Shareholders’ Equity $18,403 Return on Equity 16% Adjusted Return on Equity 18% See Supplemental Information – Endnotes.
Page 14
© AerCap 14 FULL - YEAR 2026 ADJUSTED EPS GUIDANCE ($ billion, except per share amount) Projected FY 2026 Net Income / EPS Net Income (Including 1 H 2026 Gains on Sale) $2.4 Amortization of Maintenance Rights and Lease Premium Assets Recognized under Purchase Accounting 0.4 Net Recoveries Related to Ukraine Conflict (0.0) Income Tax Effect (0.1) Adjusted Net Income (Including 1H 2026 Gains on Sale) $2.6 Adjusted Earnings Per Share (Including 1H 2026 Gains on Sale) ~$16.80 Numbers may not add due to rounding.
Page 15
15 (million, except per share data) Jun. 30, 2026 Total Shareholders’ Equity $18,409 Ordinary Shares Outstanding 157.2 Unvested Restricted Stock (2.8) Ordinary Shares Outstanding (Excluding Unvested Restricted Stock) 154.4 Book Value Per Share $119.21 BOOK VALUE PER SHARE See Supplemental Information – Endnotes. © AerCap
Page 16
© AerCap 16 CAPITAL STRUCTURE Adjusted Debt/Equity Calculation ($ million) Jun. 30, 2026 Dec. 31, 2025 Debt $42,774 $43,565 Adjusted for: Unrestricted cash & cash equivalents 50% equity credit for long - term subordinated debt (1,686) (1,125) (1,379) (1,125) Adjusted Debt 39,963 41,061 Equity 18,410 18,323 Adjusted for: 50% equity credit for long - term subordinated debt 1,125 1,125 Adjusted Equity $19,535 $19,448 Adjusted Debt / Equity Ratio 2.05 to 1 2.11 to 1
Page 17
17 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 419 30% 31 265 715 Airbus A320 Family 320 6 % 24 - 344 Airbus A330neo Family 12 2% 2 6 20 Airbus A330 Family 36 1 % 4 - 40 Airbus A350 Family 39 6 % 6 - 45 Boeing 737 MAX 101 7 % 9 77 187 Boeing 737NG 209 7 % 42 - 251 Boeing 777 - 200ER / 300ER 26 1 % - - 26 Boeing 787 116 18 % - 23 139 Embraer E190 / E195 / E2 55 2 % - 3 58 Other 19 - - 5 24 Total Passenger Aircraft 1,371 81 % 124 379 1,874 Airbus A321 7 - - - 7 Boeing 737 57 2 % 4 - 61 Boeing 767 / 777 26 1 % - - 26 Total Freighter Aircraft 90 3 % 4 - 94 Total Engines 491 10 % 763 10 1,264 Total Helicopters 324 6 % - 11 335 Grand Total 2,276 100% 891 400 3,567 HIGH - QUALITY & WELL - DIVERSIFIED PORTFOLIO New technology assets comprise 78% of total fleet Number of managed engines includes SES owned and managed engines as of June 30, 2026, but excludes 29 engines SES had on orde r a s of June 30, 2026. See Supplemental Information – Endnotes. © AerCap
Page 18
© AerCap 18 AIRCRAFT TYPE 2026 2027 2028 2029 2030 THEREAFTER TOTAL Airbus A320neo Family 18 32 54 44 27 90 265 Airbus A330neo Family 1 5 - - - - 6 Boeing 737 MAX 24 20 15 15 3 - 77 Boeing 787 4 4 - - 4 11 23 Embraer E195 - E2 3 - - - - - 3 Other - - - - - 5 5 Total Passenger Aircraft 50 61 69 59 34 106 379 Total Engines - 10 - - - - 10 Total Helicopters 10 1 - - - - 11 Grand Total 60 72 69 59 34 106 400 FORWARD ORDERS AND PURCHASE/LEASEBACKS The engines on order in the table above exclude 29 engines SES had on order as of June 30, 2026. See Supplemental Information – Endnotes. In July 2026, AerCap signed an agreement for an order of 15 Boeing 787 aircraft. The table above includes these aircraft.
Page 19
19 SLIDE 3 : Key Highlights Number of shares repurchased in 1H 2026 represented ~6% of outstanding shares as of December 31, 2025. SLIDE 4 : Widebody Replacement Demand Continues to Build Airbus and Boeing Annual Commercial Aircraft Deliveries for 2016 - 2025. Undelivered versus the total number of aircraft delivered by Airbus and Boeing in 2018 / 2019 peak years. Widebody retirements per Cirium as of June 2026, including Boeing and Airbus widebody passenger aircraft. SLIDE 6 : 2Q 2026 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 as of Jun e 30, 2026. SLIDE 12 : Significant Activity Across All Business Lines Quarterly transactions shown are for AerCap’s owned and managed fleet, excluding SES transactions. SLIDE 13 : 2 Q 2026 Adjusted Net Income, EPS & ROE Reconciliation Amortization of maintenance rights and lease premium assets recognized under purchase accounting includes $26 million adjustm ent to basic lease rents, $36 million adjustment to maintenance revenues and $67 million adjustment to leasing expenses for 2Q 2026. SLIDE 15 : 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. SLIDES 17 & 18 : High - Quality & Well - Diversified Portfolio & Forward Orders and Purchase/Leasebacks As of June 30, 2026 . In July 2026, AerCap signed an agreement for an order of 15 Boeing 787 aircraft . The tables on slides 17 and 18 include these 15 aircraft. ENDNOTES © AerCap
Page 20
NEVER STAND STILL PROPERTY OF AERCAP © 2026