Slides
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FTAI AVIATION Q4 2025 Earnings Supplement February 2026
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2 Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the “Presentation.” The information contained on, or accessible through, any websites included in this Presentation is not incorporated by reference into, and should not be considered a part of, this Presentation. FORWARD-LOOKING STATEMENTS. Certain statements in this Presentation may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, of FTAI Aviation Ltd. (referred to in this Presentation as “FTAI,” the “Company,” or “we”), including without limitation, SCI successfully deploying $6B for inaugural partnership and acquiring future assets, FTAI Power successfully completing launch and delivering energy, optimizing facility operations, SCI I making distributions beginning in 3Q 2026, SCI II deploying capital in third quarter 2026, launching future partnerships every 12-18 months or at all, SCI II following the same investment strategy as SCI I, growing MRE market share to 25%, ability to meet annual target of 1,050 modules in 2026, ability to achieve capacity of 1,950 modules in the future, extending economic life of CFM56 engine, meeting 2027 annual target of 100 FTAI Power Mod-1s and related path to production, delivering and installing mobile mounted unit in under 2 weeks, meeting Q4 2026 first delivery of Mod-1, sales of additional assets to SCI, Aviation Leasing targeting large increase in SCI contribution in 2026, ability to achieve key investment objectives and create significant long-term value, ability to successfully integrate acquired businesses and realize the anticipated benefits of acquisitions, expansion and growth opportunities, pipeline activity and investment of existing cash, ability to successfully complete transactions for which we have letters of intent or “LOIs”, actual results as compared to annualized or run-rate data, expectations, targets or projections regarding future potential Adjusted EBITDA or Adjusted Free Cash Flow, ability to meet production growth goals and targets and execute initiatives at the Company’s owned and joint venture facilities globally, becoming a leading independent provider of CFM56 and V2500 light maintenance solutions, strengthen FTAI’s leadership in MRE, cost reductions and savings from shop visits, generating significant cost savings and effecting lower turnaround times, ability to achieve sustainable initiatives and reach sustainability targets, bank borrowings and future debt and leverage capacity, how many aircraft and engines are ultimately owned by SCI partnerships, the terms of providing aircraft management services to and use of the Company's MRE program by future SCI partnerships, future financing activities and other such matters. These statements are based on management’s current expectations, estimates and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. FTAI can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements made in this Presentation. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual report on Form 10-K and quarterly report on Form 10-Q (when available) and other filings with the U.S. Securities and Exchange Commission, which are included on the Company’s website (www.ftaiaviation.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this Presentation. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. PAST PERFORMANCE. Past performance is not a reliable indicator of future results and should not be relied upon for any reason. Annualized data is presented for illustrative purposes only and should not be considered indicative of future performance or actual results for any period. NO OFFER; NO RELIANCE. This Presentation is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the purchase or sale of any security. Any such offer would only be made by means of formal documents, the terms of which would govern in all respects. You should not rely on this Presentation as the basis upon which to make any investment decision. NON-GAAP FINANCIAL INFORMATION. This Presentation includes information based on financial measures that are not recognized under generally accepted accounting principles (GAAP), such as Adjusted EBITDA. You should use Non‐GAAP information in addition to, and not as an alternative to, financial information prepared in accordance with GAAP. See Reconciliation and Glossary in the Appendix to this Presentation for reconciliations to the most comparable GAAP measures and an explanation of our Non-GAAP measures. Our Non-GAAP measures may not be identical or comparable to measures with the same name presented by other companies. Reconciliations of forward-looking Non-GAAP financial measures to their most directly comparable GAAP financial measures are not included in this Presentation because the most directly comparable GAAP financial measures are not available on a forward-looking basis without unreasonable effort.
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3 B737NG & A320ceo CFM56 & V2500 ~$9BN of Aircraft & Engine Assets(1) 4 MRE Facilities 9 Locations(2) 250+ Global Customer Base(3) 1,000+ Employees(4) FTAI (NASDAQ: FTAI) combines advanced turbine technology and asset ownership to power the world’s most essential markets Our Mission See Endnotes slides for footnote support. CFM56 Aeroderivative Remanufacturing
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4 FY 2025 Key Highlights Strong performance driven by differentiated business model Statement of Operations Balance Sheet $2,507 million Revenue $477 million Net Income $1,191 million Adjusted EBITDA(1) 2.6x Net Debt / 2025 Adj. EBITDA(1,2) $724 million Adj. Free Cash Flow(1) $300 million Cash Balance USD MILLIONS FY 2023 FY 2024 FY 2025 Aerospace Products(1) $160.0 $380.6 $671.3 Aviation Leasing(1) $467.4 $500.1 $608.9 Corporate & Other(1,2) $(30.1) $(18.7) $(89.3) Adjusted EBITDA(1) $597.3 $862.0 $1,190.9 Depreciation & Amortization $(169.9) $(218.1) $(225.8) Interest Expense $(161.6) $(221.7) $(247.8) Other Adjustments $(53.8) $(454.3)(3) $(239.8) Net Income $212.0 ($32.1) $477.5 USD MILLIONS FY 2025 Assets $4,373.8 Liabilities $4,039.6 Equity $334.2 See Endnotes slides for footnote support.
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Powering the World’s Most Essential Markets 5 • Largely completed deployment of capital for SCI I with $5.3 billion invested • Began fundraising for SCI II with anchor equity investor commitment • Total liquidity of $700M as of December 31, 2025(4) • Two-Notch Rating upgrades by both Fitch and S&P during Q4 2025 Balance Sheet Strategic Capital • Launch of CFM56 converted Aeroderivative Gas Turbine(1) • Engineered to deliver flexible, cost-efficient energy for data centers(1) FTAI Power • Global production of 228 CFM56 modules in Q4 2025 • Produced 757 modules in 2025 versus 750 target goal(3) • FY 2025 Adj. EBITDA of $671M with 76% YOY Growth(2) • Announced multi-year parts agreement with CFM International MRE Growth Production Ramp • Formed strategic A.I. partnership with Palantir to optimize facility operations(1) • FAA certification of Chromalloy Joint Venture PMA HPT Blade Supply Chain See Endnotes slides for footnote support. 5
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6 See Endnotes slides for footnote support. SCI I Strong Deployment a Result of Differentiated Engine Maintenance Focus Investment Update(2) 276x Aircraft Closed or Under LOI Requiring $5.3BN of Capital • 80+ lessees globally with strong geographic diversification • On-track for full capital deployment by Q2 2026 target MRE Contract Revenue Q4 2025 MRE Contract Revenue of $107M • 19% of Q4 2025 Aerospace Products revenue • 17% of FY 2025 Aerospace Products revenue SCI II Will Be a Continuation of the Same Disciplined and Targeted Investment Strategy(1) A320ceo 737NG Two Types of Aircraft Aircraft must have at least 12 months remaining on its lease term Must Be On-Lease All engine needs are provided by FTAI via the MRE Agreement at contractual, formulaic prices Engine Exclusivity from FTAI • Expect to complete deployment of SCI I in the second quarter of 2026 with distributions beginning in Q3 2026 • SCI II is targeted to begin deploying capital in the third quarter of 2026 • Successful execution enables programmatic launch of future partnerships every 12-18 months Began Fundraising for SCI II with Anchor Investor Commitment Secured as Deployment for SCI I Nears Completion with $5.3BN Invested(1)Strategic Capital Initiative (SCI)(1)
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$55 $70 $91 $102 $117 $131 $165 $180 $195 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 7 MRE Adoption Accelerating 7 10% Market share of CFM56 & V2500 aftermarket(1) Targeting 25%+ market share(1) 76% annual earnings growth vs. FY 2024(2) New and repeat diverse global customer base • Lower fixed price vs. overhaul shop visits • Minimal downtime • Operational certainty Demand driven by best-in-class solutions for airlines Aerospace Products Adjusted EBITDA(3) See Endnotes slides for footnote support. $25B Annual CFM56 / V2500 Commercial MRO Demand(1) +14% Industry Growth 2025 2026E 10% 90% $22B
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377 525 275 325105 200 757 1,050 Montreal Miami Rome Annual Production Outlook(2) +39% 2025 2026E 8 Accelerating Global Production Into 2026 Module Production by Facility(1,2) Montreal Q1 77 Q3 100 2025 377 525 Miami(3) Q1 61 Q3 71 2025 275 325 Rome(4) Q1 -- Q3 36 2025 105 2026 Target 200 Total Production 2025 757 2026 Target 1,050 Capacity 900 Capacity 600 Capacity 450 Capacity 1,950 Q2 91 Q2 64 Q2 29 Q1 138 Q2 184 Q3 207 2026 Target2026 Target Q4 109 Q4 79 Q4 40 Q4 228 Montreal Facility • 45% growth in module production versus Q4 2024 • Ramping Training Academy talent for 2026 MRE and Power programs Rome Facility(4) • Completed upgrade of piece-part repair capabilities • Expanded headcount by over 80% since Q2 2025 acquisition Miami Facilities • ATOPS acquisition increases annual capacity by 150x modules • Replicating proven MRE model at new Medley facility See Endnotes slides for footnote support.
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9 Strategic M&A • Invested $264 million across six Aerospace investments since 2023(1) • Accelerated M&A activity in 2025 through disciplined, targeted approach • Pursuing robust pipeline of additional strategic M&A opportunities in 2026 Successful Execution positions FTAI for Enhanced Capabilities & Scale 2026E 2027E Programmatic M&A Timeline(1,2) Evaluating extensive opportunities in Middle East & Asia Potential across both MRE and FTAI Power Platforms ▪ Rome – MRO JV ▪ Orange, CA – Parts Repair ▪ Miami & Lisbon – MRO ▪ Bristol, CT – Parts Repair JV ▪ Montreal – MRO▪ Miami – MRO 2023 $47M 2025 Synergies with MRE platform Power growth opportunity Accelerates FTAI market share 2024 See Endnotes slides for footnote support. Location $170M M&A Target Criteria$47M
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10 Rapid Data Center Demand Exceeding Power Supply Data center investment through 2030(1)$6.7T Unprecedented A.I. InvestmentUnprecedented A.I. Investment New U.S. peak load growth forecast by 2030(2)~20% Unprecedented Power DemandUnprecedented Power Demand New order backlog(3) 5 -7 Yrs OEM Supply ConstraintOEM Supply Constraint CFM56 Engine will add supply to proven Aeroderivative market(4) Total Units in Operation(5) Legacy Aeroderivative Market 2027 Annual Target Production 8,800 100 CFM56 Aero Engines See Endnotes slides for footnote support. – Aeroderivative conversion to further extend economic life of CFM56 Engine – 22K CFM56 Engines produced provides large source of inventory – Modular Architecture creates innovative maintenance opportunities
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11 • World’s most proven engine with over 1B flight hours since inception • Mobile mounted unit delivered and installed in under 2 weeks FTAI’s CFM56 Converted Gas Turbine Solution for Industry Needs(1) 25MW Output Q4 2026 First Delivery FTAI Mod-1 Path to Production: 100 Units in 2027 Turbine Feedstock • Increase CFM56 inventory to ensure execution certainty • $250 million of Working Capital by Q4 2026, including 2025 spend Facility Readiness • Dedicated Power production line to meet future demand • Planning expansion at existing facilities to sustain scale Supply Chain • Optimized strategy combining vendors and in-house capabilities for Gen-Set component procurement 1. This is a forward-looking statement. See disclaimers at beginning of presentation.
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12 $s in Millions - Rounded Q3 YTD(3) Q4 PF Adj.(5) PF 2025 +/- 2025E(6) Adj. EBITDA excl. gain on sales and claims(2) $826 $289 - $1,115 $3 $1,118 Aviation Leasing Asset Sale Proceeds $105 $2 - $107 $38 $145 Russian Claims $54 $0 - $54 $0 $54 Maintenance Capex ($99) ($34) - ($133) $8 ($125) Net Interest Expense ($126) ($115) - ($241) ($1) ($242) Net Total $760 $142 - $902 $48 $950 SCI Net Cash Flow Adjustments Aircraft Sales $485 $44 - $529 ($44) $485 Replacement Capex ($320) $0 - ($320) $0 ($320) SCI Investment ($152) ($140) $52 ($240) $0 ($240) Subtotal $13 ($96) $52 ($31) ($44) ($75) Inventory & Other(4) ($135) ($212) $200 ($147) $22 ($125) Adjusted Free Cash Flow $638 ($166) $252 $724 $26 $750 See Endnotes slides for footnote support. Key Updates Post-Guidance • SCI Fund I exceeded fundraising target and capital deployment pace faster than originally planned • Required $52 million of investment above original budget Strategic Capital Inventory for FTAI Power and Aero • Acquired ~$150 million additional unserviceable engines in anticipation of significant production growth across combined FTAI Power and MRE platforms • Incremental ~$50 million outflow related to strategic multi-year agreement with OEM for parts supply and repairs Adj. Free Cash Flow(1) 2025 Adjusted Free Cash Flow(1) • Strong Free Cash Flow conversion from $1B+ Adj. EBITDA(1) • Use of proceeds included SCI investment, M&A and development of FTAI Power • Balanced strategy aligned with target leverage ratio of 2.5x – 3.0x $724M Adj. Free Cash Flow Before Additional Growth Investments(1)
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13 Confidence in Higher Guidance – $1.625B Business Segment Adj. EBITDA(1) – Asset Sales include 14x Aircraft sold to SCI – Inventory build normalized by year-end – Other includes Tax and AR/AP management Investing in Growth – Forecast 2026 Co-Investment in SCI II of $190M – Additional $100M Working Capital Investment for FTAI Power 2026 Adj. Free Cash Flow Outlook $s in Millions - Rounded Prior Adjustments Revised Adj. EBITDA excl. gain on sales & claims $1,440 $50 $1,490 Russian Claims $0 $50 $50 Aviation Leasing Asset Sales $275 - $275 Maintenance Capex ($130) - ($130) Net Interest Expense ($230) - ($230) Inventory Working Capital $0 - $0 Other Working Capital ($95) - ($95) SCI Reconciliation to Cash Distributions ($60) - ($60) SCI I Investment ($147) $52 ($95) Subtotal $1,053 $152 $1,205 New Growth Initiatives SCI II Investment(2) ($53) ($137) ($190) FTAI Power $0 ($100) ($100) Adjusted Free Cash Flow $1,000 ($85) $915 Key Updates See Endnotes slides for footnote support. 2026 Adj. Free Cash Flow Update(1) • Expect to generate ~$1.2 billion of free cash flow before new growth initiatives • Deployment of co-investment in SCI II expected to begin in Q3 2026 • Continued investment in feedstock for FTAI Power needed to support 100-unit production goal in 2027 $915M Adj. Free Cash Flow Target Accounts for Growth Investments
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14 Aviation Portfolio Composition 14 Pivot to Asset-Light Strategy Closed 45x Aircraft Sale in Q3 '25 Additional 15x Aircraft Sale closing by Q2 ‘26 Allows for strategic focus on MRE Growth, FTAI Power and Additional SCI Investments Leasing Assets ($M) 60% 55% 52% 35% 40% 45% 48% 65% $1,740 $1,867 $2,326 $1,501 2022 2023 2024 2025 Engines Aircraft (36%) • Aircraft-to-engine mix shift reflects long-term focus on Aerospace Products segment 539 Engines on Balance Sheet(1) 320 174 45 CFM56 V2500 Other Announced pivot away from on-balance sheet aircraft leasing in December 2024 • 500x+ Engines On-BS for Lease, Sale and Exchange • CFM56 Engines include feedstock for FTAI Power Aeroderivative remanufacturing • Engine exchanges through SCI MRE agreement optimize balance sheet inventory SCI Aircraft Asset Sales Reallocation of Capital See Endnotes slides for footnote support.
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15 $s in Millions - Rounded FY 2025 Total Debt $3,449 Less: Cash $(300) Net Debt $3,149 Adj. EBITDA(1) $1,191 Net Debt / Adj. EBITDA(1) 2.6x Net Debt / Adj EBITDA(1) 5.0x 4.1x 3.9x 2.6x 2022 2023 2024 2025 Pivot to Asset-Light Strategy Net Debt $2,123 $2,426 $3,325 $3,149 Adj. EBITDA(1) $428 $597 $862 $1,191 Ratio 5.0x 4.1x 3.9x 2.6x 1. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. Capital Structure • Leverage multiple of 2.6x in line with target 2.5x – 3.0x range for FY2025 • Total liquidity of $700 million including $400 million of corporate revolver facility available • Strong BB Credit Rating with three rating agencies following Two-Notch upgrades by Fitch and S&P Significant Growth in Generation of Adj. EBITDA(1) Creates Operational Leverage
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Business Segment Highlights
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17 Statement of Operations USD MILLIONS Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total Revenue $342.1 $365.1 $490.3 $517.9 $563.0 Total Expenses $(230.1) $(239.2) $(331.6) $(343.2) $(379.9) Other $(10.8) $(19.3) $(25.1) $(26.1) $(23.6) Net Income Attributable to Shareholders $101.2 $106.6 $133.6 $148.6 $159.5 Adjusted EBITDA(1) $117.3 $130.9 $164.9 $180.4 $195.0 Adj EBITDA(1) $22 $74 $160 $381 $671 $0 $100 $200 $300 $400 $500 $600 $700 2021 2022 2023 2024 2025 1. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. 2. Adjusted EBITDA Margin defined as Adjusted EBITDA divided by Revenue. Aerospace Products • Annual growth of 76% in Adj. EBITDA(1) versus FY 2024 • Quarterly Adj. EBITDA margin of 35% in Q4 2025(2) • Q4 2025 includes $106.9 million in MRE Contract Revenue from SCI Innovative Maintenance Solutions for the CFM56 and V2500 Engines
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18 Statement of Operations $s in Millions Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total Revenue $156.4 $137.0 $186.0 $149.2 $99.0 Total Expenses $(101.6) $(85.4) $(113.9) $(98.7) $(63.6) Other $0.5(3) $25.4(3) $34.3(3) $(8.9) $10.9 Net Income Attributable to Shareholders $55.3 $77.0 $106.4 $41.6 $46.3 Adjusted EBITDA(1) $133.9 $162.0 $199.3 $134.4 $113.2 Adj. EBITDA(1) $293 $276 $386 $449 $471 $29 $104 $81 $40 $44 $54 $40 $322 $380 $467 $500 $609 $0 $100 $200 $300 $400 $500 $600 2021 2022 2023 2024 2025 SCI Insurance Recoveries Gains on Sales BS Leasing See Endnotes slides for footnote support. Aviation Leasing • $609 million Adj. EBITDA for 2025 versus $500 million in prior year(1) • Targeting large increase in SCI contribution in 2026 to offset pivot from On-Balance Sheet Aircraft Leasing(2) Continued Mix Shift Reflects Long-Term Focus on SCI and Engine Leasing
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19 Statement of Operations Corporate Debt $s in Millions Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total Revenue $0.3 $0.0 $0.0 $0.0 $0.0 Total Expenses ($8.9) ($26.6) ($20.3) ($24.2) ($39.6) Other ($61.2)(2) ($60.2) ($53.1) ($48.1) ($47.3) Net Loss ($69.8) ($86.8) ($73.4) ($72.3) ($86.9) Adj. EBITDA(1) $0.9 ($17.4) ($11.4) ($13.5) ($24.0) USD MILLIONS Q4 2025 $400M Corporate Revolver $0.0 Corporate Bonds $3,500.0 Other(3) $(51.1) Total Debt $3,448.9 Interest Expense $61.0 See Endnotes slides for footnote support. Corporate & Other • $400 million Revolving Credit Facility undrawn as of December 31, 2025 • 6.5% weighted average cost of $3.5B Senior Notes • Robust financial position with no corporate bond maturities through May 2028 Substantial Liquidity and Low Cost of Capital to Support Sustained Growth
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20 End Notes Slide Footnote Description 3 1. Includes approximately $3B total aircraft and engine assets owned by FTAI Aviation and a target AUM of $6B managed and to be managed through the Strategic Capital, including assets that will be acquired in the future by SCI. This is a forward-looking statement. See disclaimers at beginning of presentation. 2. Locations include 50% FTAI joint ventures. 3. Comprised of total Aviation Leasing and Aerospace Products customers inception to date. 4. Current listing as of December 2025. Comprised of total FTAI employees, contractors, and employees of FTAI’s 50% JVs. 4 1. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure for Adjusted EBITDA and Adjusted FCF. 2. Includes eliminations of negative $22.8 million FY 2025. 3. Includes $300.0 million internalization fee to affiliate. 5 1. Forward looking statement. See disclaimers at beginning of presentation. 2. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. Year-over-year growth of 76% reflects Adjusted EBITDA FY 2025 of $671.3 million compared to FY 2024 of $380.6 million. 3. Production includes Q4 2025 Medley facility operations, including prior to December 2025 acquisition. 4. Liquidity is defined as total cash balance on-hand plus total available balance from the $400 million corporate revolver facility. 6 1. This is a forward-looking statement. See disclaimers at beginning of presentation. There can be no assurance that we will be suc cessful in acquiring any such assets or, if acquired, that they will generate returns meeting our expectations, or at all. Committed investments and pipeline investments are also subject to vary ing degrees of diligence. There can be no assurance that we will complete any such investments or transactions. 2. As of 2/24/26. In-place LOIs represent understandings and arrangements in place. There can be no assurance that we will be successful in acquiring any such assets or, if acquired, that they will generate returns meeting our expectations, or at all. Some of our committed investments and pipeline investments are subject to definitive documentation, agency consent and board approval. Committed investments and pipeline investments are also subject to varying degrees of diligence. There can be no assurance th at we will complete any such investments or transactions.
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21 End Notes Slide Footnote Description 7 1. Estimated annual maintenance spend on the CFM56 and V2500 engines approximately $22 billion, per Aviation Week. Market share of ~10% is derived by annualizing Q4 2025 Aerospace Products revenue of $563 million and dividing it by the estimated total annual maintenance spend. Industry growth of 14% reflects growth from estimated annual maintenance spend on the CFM56 and V2500 engines, from approximately $22 billion to approximately $25 billion in 2026, per Aviation Week. 2. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. Year-over-year growth of 76% reflects Adjusted EBITDA FY 2025 of $671.3 million compared to FY 2024 of $380.6 million. 3. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure for Adjusted EBITDA. 8 1. Annual capacity per year at full utilization. 2. Forward looking statement. See disclaimers at beginning of presentation. 3. Production includes Q4 2025 Medley facility operations, including prior to December 2025 acquisition. 4. Rome facility is a joint venture. Q2 Rome production and headcount is as of signing in Q2 2025. 9 1. Includes capital commitments expected to be funded in future years. 2. This is a forward-looking statement. See disclaimers at beginning of presentation. There can be no assurance that we will be suc cessful in acquiring any such assets or, if acquired, that they will generate returns meeting our expectations, or at all. Committed investments and pipeline investments are also subject to vary ing degrees of diligence. There can be no assurance that we will complete any such investments or transactions. 10 1. Per McKinsey & Co. - April 2025. 2. Per The Institute for Energy Research and U.S. Energy Information Administration - December 2025. 3. Per S&P Global - May 2025. 4. Forward looking statement. See disclaimers at beginning of presentation. 5. Per Gas Turbine World (September 2025), total fleet estimates are based on OEM reported data and publicly available informati on.
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22 End Notes Slide Footnote Description 12 1. This is a Non-GAAP measure. 2025 Adjusted Free Cash Flow comprised of net cash used in operating activities of ($287.3) million, net cash provided by investing activities of $699.8 million plus adjustment for 50% joint venture investment in QuickTurn Europe of $10.0 million, acquisition of business outflows of $49.1 m illion, adjustment of $52.0 million for SCI Investment, and $200.0 million for inventory for FTAI Power and Aerospace Products for the twelve months ended December 31, 2025. 2. 2025 Adj. EBITDA excluding gains on sales of $44.0 million, insurance recoveries of $54.3 million and intra-segment eliminations of ($22.8) million. 3. Refer to Q3 2025 Earnings Supplement. 4. Primarily comprised of the change in Inventory, working capital adjustments, IAE V2500 overhaul payments and Taxes. 5. Key Updates in addition to Q4 data, post-2025 guidance. 6. The Company's previously disclosed 2025 Adjusted Free Cash Flow update. 13 1. Forward looking statement. Based on management's current estimates. See disclaimers at the beginning of this presentation. Re conciliations of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures are not included because the most directly comparable GAAP financial measures are not available on a forward-looking basis without unreasonable effort. 2. SCI minority investments are based on management estimates and include the potential of an additional SCI partnership deploying capital in the second half of 2026 requiring commitments from FTAI. There can be no assurance that such future partnerships will successfully close or that FTAI will co-invest. 14 1. A CFM56 Engine is comprised of three module components, numbers disclosed include 148 engine equivalents held as inventory in the balance sheet and 172 engines included in net leasing equipment and financing receivables. 18 1. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. 2. This is a forward-looking statement. See disclaimers at beginning of presentation. 3. Includes $11.0 million, $30.1 million, and $24.2 million related to insurance recoveries in Q4 2024, Q1 2025, and Q2 2025, respectively. 19 1. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. 2. Includes $18.7 million related to gain on sale of Offshore Vessels. 3. Deferred financing costs and bond issuance premium & discount.
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Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary
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Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary
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25 Statement of Operations by Segment (unaudited) 1. Includes the profit elimination of $(7,036) for the three months ended December 31, 2025 for sales to the 2025 Partnership wi thin the Aerospace Products segment. 2. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. For the Three Months Ended December 31, 2025 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Eliminations Total Revenues $ 98,987 $ 563,041 $ — $ — $ 662,028 Expenses Cost of sales 2,834 365,991 — — 368,825 Operating expenses 8,646 9,293 28,744 — 46,683 General and administrative — — 2,091 — 2,091 Acquisition and transaction expenses 2,129 53 7,558 — 9,740 Depreciation and amortization 49,977 4,546 1,198 — 55,721 Total expenses $ 63,586 $ 379,883 $ 39,591 $ — $ 483,060 Other income (expense) Interest expense — — (60,962) — (60,962) Equity in earnings (losses) of unconsolidated entities (1) 15,757 1,302 — (7,036) 10,023 Gain on sale to the 2025 Partnership (3,703) — — — (3,703) Other income 2,759 5,441 1,589 — 9,789 Total other income (expense) $ 14,813 $ 6,743 $ (59,373) $ (7,036) $ (44,853) Income (loss) before income taxes 50,214 189,901 (98,964) (7,036) 134,115 Provision for (benefit from) income taxes 3,931 30,374 (15,752) — 18,553 Net income (loss) $ 46,283 $ 159,527 $ (83,212) $ (7,036) $ 115,562 Less: Dividends on preferred shares — — 3,710 — 3,710 Net income (loss) attributable to shareholders $ 46,283 $ 159,527 $ (86,922) $ (7,036) $ 111,852 Adjusted EBITDA(2) $ 113,212 $ 195,022 $ (24,020) $ (7,036) $ 277,178
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26 Statement of Operations by Segment (unaudited) 1. This is a Non-GAAP measure. See Reconciliation of Non -GAAP Measures section in Appendix for a reconciliation to the most compar able GAAP measure. For the Three Months Ended December 31, 2024 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Total Revenues $ 156,424 $ 342,095 $ 300 $ 498,819 Expenses Cost of sales 40,435 217,292 — 257,727 Operating expenses 8,511 7,308 18,768 34,587 General and administrative — — 3,566 3,566 Acquisition and transaction expenses 2,390 2,035 4,332 8,757 Depreciation and amortization 50,286 3,453 939 54,678 Gain on sale of assets, net — — (18,705) (18,705) Total expenses $ 101,622 $ 230,088 $ 8,900 $ 340,610 Other income (expense) Interest expense — — (60,881) (60,881) Equity in losses of unconsolidated entities — (401) — (401) Loss on extinguishment of debt — — (3,181) (3,181) Other income 13,229 — 1,090 14,319 Total other income (expense) $ 13,229 $ (401) $ (62,972) $ (50,144) Income (loss) before income taxes 68,031 111,606 (71,572) 108,065 Provision for (benefit from) income taxes 12,755 10,356 (17,494) 5,617 Net income (loss) $ 55,276 $ 101,250 $ (54,078) $ 102,448 Less: Dividends on preferred shares — — 7,758 7,758 Less: Loss on redemption of preferred shares — — 7,998 7,998 Net income (loss) attributable to shareholders $ 55,276 $ 101,250 $ (69,834) $ 86,692 Adjusted EBITDA(1) $ 133,851 $ 117,305 $ 859 $ 252,015
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27 Statement of Operations by Segment (unaudited) 1. Includes the profit elimination of $(22,829) for the year ended December 31, 2025 for sales to the 2025 Partnership within th e Aerospace Products segment. 2. This is a Non-GAAP measure. See Reconciliation of Non -GAAP Measures section in Appendix for a reconciliation to the most compar able GAAP measure. For the Year Ended December 31, 2025 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Eliminations Total Revenues $ 571,161 $ 1,936,244 $ 4 $ — $ 2,507,409 Expenses Cost of sales 109,351 1,240,368 — — 1,349,719 Operating expenses 37,307 34,514 80,720 — 152,541 General and administrative — — 9,478 — 9,478 Acquisition and transaction expenses 9,182 3,198 16,207 — 28,587 Depreciation and amortization 205,687 15,764 4,346 — 225,797 Total expenses $ 361,527 $ 1,293,844 $ 110,751 $ — $ 1,766,122 Other income (expense) Interest expense — — (247,751) — (247,751) Equity in earnings (losses) of unconsolidated entities (1) 13,115 2,896 — (22,829) (6,818) Gain on sale to the 2025 Partnership 46,380 — — — 46,380 Other income 64,455 5,441 3,690 — 73,586 Total other income (expense) $ 123,950 $ 8,337 $ (244,061) $ (22,829) $ (134,603) Income (loss) before income taxes 333,584 650,737 (354,808) (22,829) 606,684 Provision for (benefit from) income taxes 62,232 102,391 (59,003) — 105,620 Net income (loss) $ 271,352 $ 548,346 $ (295,805) $ (22,829) $ 501,064 Less: Dividends on preferred shares — — 17,243 — 17,243 Less: Loss on redemption of preferred shares — — 6,327 — 6,327 Net income (loss) attributable to shareholders $ 271,352 $ 548,346 $ (319,375) $ (22,829) $ 477,494 Adjusted EBITDA(2) $ 608,912 $ 671,252 $ (66,413) $ (22,829) $ 1,190,922
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28 Statement of Operations by Segment (unaudited) 1. This is a Non-GAAP measure. See Reconciliation of Non -GAAP Measures section in Appendix for a reconciliation to the most compa rable GAAP measure. For the Year Ended December 31, 2024 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Total Revenues $ 628,437 $ 1,079,821 $ 26,643 $ 1,734,901 Expenses Cost of sales 151,977 673,907 — 825,884 Operating expenses 35,495 23,818 56,548 115,861 General and administrative — — 14,263 14,263 Acquisition and transaction expenses 9,740 4,906 17,650 32,296 Management fees and incentive allocation to affiliate — — 8,449 8,449 Internalization fee to affiliate — — 300,000 300,000 Depreciation and amortization 201,497 6,630 9,937 218,064 Asset impairment 962 — — 962 Gain on sale of assets, net — — (18,705) (18,705) Total expenses $ 399,671 $ 709,261 $ 388,142 $ 1,497,074 Other income (expense) Interest expense — — (221,721) (221,721) Equity in (losses) earnings of unconsolidated entities (207) (1,993) — (2,200) Loss on extinguishment of debt — — (17,101) (17,101) Other income 14,669 — 2,695 17,364 Total other income (expense) $ 14,462 $ (1,993) $ (236,127) $ (223,658) Income (loss) before income taxes 243,228 368,567 (597,626) 14,169 Provision for (benefit from) income taxes 32,979 22,221 (49,713) 5,487 Net income (loss) $ 210,249 $ 346,346 $ (547,913) $ 8,682 Less: Dividends on preferred shares 32,763 32,763 Less: Loss on redemption of preferred shares — — 7,998 7,998 Net income (loss) attributable to shareholders $ 210,249 $ 346,346 $ (588,674) $ (32,079) Adjusted EBITDA(1) $ 500,062 $ 380,636 $ (18,648) $ 862,050
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Appendix Statement of Operations by Segment Comparative Statements of Operations Condensed Balance Sheets Reconciliation of Non-GAAP Measures Glossary
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30 Consolidated - Comparative Statements of Operations (unaudited) 1. Includes servicing fees of $2,052, $3,035, and $4,515, for the three months ended June 30, 2025, September 30, 2025, and Dece mber 31, 2025, respectively, from the 2025 Partnership. 2. Includes profit eliminations of $(6,950), $(4,935), $(3,908), and $(7,036) for the three months ended March 31, 2025, June 30 , 2025, September 30, 2025 and December 31, 2025, respectively, for sales to the 2025 Partnership within the Aerospace Products seg ment. 3. This is a Non-GAAP measure. See Reconciliation of Non -GAAP Measures section in Appendix for a reconciliation to the most compar able GAAP measure. ($s in thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Revenues Aerospace products revenue $ 342,095 $ 264,425 $ 420,686 $ 459,206 $ 456,139 MRE Contract revenue — 100,638 69,585 58,663 106,902 Lease income 65,973 68,440 62,439 55,072 49,259 Maintenance revenue 43,915 49,607 73,104 52,370 43,418 Asset sales revenue 46,183 18,939 47,915 38,461 1,630 Other revenue (1) 653 31 2,508 3,292 4,680 Total revenues $ 498,819 $ 502,080 $ 676,237 $ 667,064 $ 662,028 Expenses Cost of sales 257,727 248,714 369,258 362,922 368,825 Operating expenses 34,587 32,438 34,328 39,092 46,683 General and administrative 3,566 3,116 2,442 1,829 2,091 Acquisition and transaction expenses 8,757 7,292 4,489 7,066 9,740 Depreciation and amortization 54,678 59,562 55,236 55,278 55,721 Gain on sale of assets, net (18,705) — — — — Total expenses $ 340,610 $ 351,122 $ 465,753 $ 466,187 $ 483,060 Other (expense) income Interest expense (60,881) (62,040) (63,965) (60,784) (60,962) Equity in earnings (losses) of unconsolidated entities (2) (401) (7,614) (5,003) (4,224) 10,023 Gain on sale to the 2025 Partnership — 10,870 34,604 4,609 (3,703) Gain (loss) on extinguishment of debt (3,181) — — — — Other income 14,319 33,071 27,156 3,570 9,789 Total other expense $ (50,144) $ (25,713) $ (7,208) $ (56,829) $ (44,853) Net income before income taxes 108,065 125,245 203,276 144,048 134,115 Provision for income taxes 5,617 22,859 37,878 26,330 18,553 Net income 102,448 102,386 165,398 117,718 115,562 Less: Dividends on preferred shares 7,758 6,115 3,709 3,709 3,710 Less: Loss on redemption of preferred shares 7,998 6,327 — — — Net income attributable to shareholders $ 86,692 $ 89,944 $ 161,689 $ 114,009 $ 111,852 Adjusted EBITDA (3) $ 252,015 $ 268,558 $ 347,805 $ 297,381 $ 277,178
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31 Aerospace Products - Comparative Statements of Operations (unaudited) 1. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. ($s in thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Revenues Aerospace products revenue $ 342,095 $ 264,425 $ 420,686 $ 459,206 $ 456,139 MRE contract revenue — 100,638 69,585 58,663 106,902 Total revenues $ 342,095 $ 365,063 $ 490,271 $ 517,869 $ 563,041 Expenses Cost of sales 217,292 228,755 317,469 328,153 365,991 Operating expenses 7,308 5,687 8,989 10,545 9,293 Acquisition and transaction expenses 2,035 1,132 1,414 599 53 Depreciation and amortization 3,453 3,584 3,704 3,930 4,546 Total expenses $ 230,088 $ 239,158 $ 331,576 $ 343,227 $ 379,883 Other (expense) income Equity in (losses) earnings of unconsolidated entities (401) 113 714 767 1,302 Other Income — — — — 5,441 Total other (expense) income $ (401) $ 113 $ 714 $ 767 $ 6,743 Net income before income taxes 111,606 126,018 159,409 175,409 189,901 Provision for income taxes 10,356 19,375 25,827 26,815 30,374 Net income attributable to shareholders $ 101,250 $ 106,643 $ 133,582 $ 148,594 $ 159,527 Adjusted EBITDA (1) $ 117,305 $ 130,945 $ 164,864 $ 180,421 $ 195,022
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32 Aviation Leasing - Comparative Statements of Operations (unaudited) 1. Includes servicing fees of $2,052, $3,035 and $4,515 for the three months ended June 30, 2025, September 30, 2025 and Decembe r 31, 2025, respectively from the 2025 Partnership. 2. This is a Non-GAAP measure. See Reconciliation of Non -GAAP Measures section in Appendix for a reconciliation to the most compara ble GAAP measure. ($s in thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Revenues Lease income $ 65,484 $ 68,440 $ 62,439 $ 55,072 $ 49,259 Maintenance revenue 43,915 49,607 73,104 52,370 43,418 Asset sales revenue 46,183 18,939 47,915 38,461 1,630 Other revenue (1) 842 27 2,508 3,292 4,680 Total revenues $ 156,424 $ 137,013 $ 185,966 $ 149,195 $ 98,987 Expenses Cost of sales 40,435 19,959 51,789 34,769 2,834 Operating expenses 8,511 7,426 11,089 10,146 8,646 Acquisition and transaction expenses 2,390 2,905 577 3,571 2,129 Depreciation and amortization 50,286 55,061 50,423 50,226 49,977 Total expenses $ 101,622 $ 85,351 $ 113,878 $ 98,712 $ 63,586 Other income Equity in earnings (losses) of unconsolidated entities — (777) (782) (1,083) 15,757 Gain on sale to the 2025 Partnership — 10,870 34,604 4,609 (3,703) Other income 13,229 32,619 26,974 2,103 2,759 Total other income $ 13,229 $ 42,712 $ 60,796 $ 5,629 $ 14,813 Net income before income taxes 68,031 94,374 132,884 56,112 50,214 Provision for income taxes 12,755 17,348 26,453 14,500 3,931 Net income attributable to shareholders $ 55,276 $ 77,026 $ 106,431 $ 41,612 $ 46,283 Adjusted EBITDA (2) $ 133,851 $ 161,989 $ 199,303 $ 134,408 $ 113,212
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33 Corporate and Other - Comparative Statements of Operations (unaudited) 1. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. ($s in thousands) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Revenues Lease income $ 489 $ — $ — $ — $ — Other revenue (189) 4 — — — Total revenues $ 300 $ 4 $ — $ — $ — Expenses Operating expenses 18,768 19,325 14,250 18,401 28,744 General and administrative 3,566 3,116 2,442 1,829 2,091 Acquisition and transaction expenses 4,332 3,255 2,498 2,896 7,558 Depreciation and amortization 939 917 1,109 1,122 1,198 gain on sale of assets, net (18,705) — — — — Total expenses $ 8,900 $ 26,613 $ 20,299 $ 24,248 $ 39,591 Other (expense) income Interest expense (60,881) (62,040) (63,965) (60,784) (60,962) Loss on extinguishment of debt (3,181) — — — — Other income 1,090 452 182 1,467 1,589 Total other expense $ (62,972) $ (61,588) $ (63,783) $ (59,317) $ (59,373) Net loss before income taxes (71,572) (88,197) (84,082) (83,565) (98,964) Benefit from income taxes (17,494) (13,864) (14,402) (14,985) (15,752) Net loss $ (54,078) $ (74,333) $ (69,680) $ (68,580) $ (83,212) Less: Dividends on preferred shares 7,758 6,115 3,709 3,709 3,710 Less: Loss on redemption of preferred shares 7,998 6,327 — — — Net loss attributable to shareholders $ (69,834) $ (86,775) $ (73,389) $ (72,289) $ (86,922) Adjusted EBITDA (1) $ 859 $ (17,426) $ (11,427) $ (13,540) $ (24,020)
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35 Condensed Balance Sheets ($s in thousands) December 31, 2025 December 31, 2024 Gross Property, Plant and Equipment (PP&E) $ 145,206 $ 115,867 Accumulated Depreciation on PP&E (25,138) (8,416) Net PP&E $ 120,068 $ 107,451 Gross Leasing Equipment 2,057,624 2,963,452 Accumulated Depreciation on Leasing Equipment (511,820) (589,722) Net Leasing Equipment $ 1,545,804 $ 2,373,730 Inventory, net 1,193,773 551,156 Intangible Assets, net 19,929 42,205 Goodwill 94,221 61,070 All Other Assets(1) 1,399,963 902,340 Total Assets $ 4,373,758 $ 4,037,952 Debt, net 3,448,891 3,440,478 All Other Liabilities 590,693 516,106 Total Liabilities $ 4,039,584 $ 3,956,584 Total Shareholders’ equity $ 334,174 $ 81,368 Total Liabilities and Equity $ 4,373,758 $ 4,037,952 1. Includes accounts receivable from the 2025 Partnership of $47,294 and $0 and receivables from the 2025 Partnership of $20,681 and $0 as of December 31, 2025 and December 31, 2024, respectively.
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37 Adjusted EBITDA Reconciliation by Segment (unaudited) For the Three Months Ended December 31, 2025 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Eliminations Total Net income (loss) attributable to shareholders from continuing operations $ 46,283 $ 159,527 $ (86,922) $ (7,036) $ 111,852 Add: Provision for (benefit from) income taxes 3,931 30,374 (15,752) — 18,553 Add: Equity-based compensation expense 268 180 5,226 — 5,674 Add: Acquisition and transaction expenses 2,129 53 7,558 — 9,740 Add: Gain on the modification or extinguishment of debt and preferred shares and capital lease obligations — — — — — Add: Changes in fair value of non-hedge derivative instruments — — — — — Add: Asset impairment charges — — — — — Add: Incentive allocations — — — — — Add: Depreciation & amortization expense (1) 59,976 4,546 1,198 — 65,720 Add: Interest expense and dividends on preferred shares — — 64,672 — 64,672 Add: Internalization fee to affiliate — — — — — Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) 16,382 1,644 — — 18,026 Less: Equity in losses (earnings) of unconsolidated entities (3) (15,757) (1,302) — — (17,059) Adjusted EBITDA $ 113,212 $ 195,022 $ (24,020) $ (7,036) $ 277,178 For the Three Months Ended December 31, 2024 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Eliminations Total Net income (loss) attributable to shareholders from continuing operations $ 55,276 $ 101,250 $ (69,834) $ — $ 86,692 Add: Provision for (benefit from) income taxes 12,755 10,356 (17,494) — 5,617 Add: Equity-based compensation expense 175 155 3,098 — 3,428 Add: Acquisition and transaction expenses 2,390 2,035 4,332 — 8,757 Add: Gain on the modification or extinguishment of debt and preferred shares and capital lease obligations — — 11,179 — 11,179 Add: Changes in fair value of non-hedge derivative instruments — — — — — Add: Asset impairment charges — — — — — Add: Incentive allocations — — — — — Add: Depreciation & amortization expense (1) 63,255 3,453 939 — 67,647 Add: Interest expense and dividends on preferred shares — — 68,639 — 68,639 Add: Internalization fee to affiliate — — — — — Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) — (345) — — (345) Less: Equity in losses (earnings) of unconsolidated entities (3) — 401 — — 401 Adjusted EBITDA $ 133,851 $ 117,305 $ 859 $ — $ 252,015
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38 Adjusted EBITDA Reconciliation by Segment (unaudited) For the Year Ended December 31, 2025 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Eliminations Total Net income (loss) attributable to shareholders from continuing operations $ 271,352 $ 548,346 $ (319,375) $ (22,829) $ 477,494 Add: Provision for (benefit from) income taxes 62,232 102,391 (59,003) — 105,620 Add: Equity-based compensation expense 971 671 20,091 — 21,733 Add: Acquisition and transaction expenses 9,182 3,198 16,207 — 28,587 Add: Gain on the modification or extinguishment of debt and preferred shares and capital lease obligations — — 6,327 — 6,327 Add: Changes in fair value of non-hedge derivative instruments — — — — — Add: Asset impairment charges — — — — — Add: Incentive allocations — — — — — Add: Depreciation & amortization expense (1) 247,529 15,764 4,346 — 267,639 Add: Interest expense and dividends on preferred shares — — 264,994 — 264,994 Add: Internalization fee to affiliate — — — — — Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) 30,761 3,778 — — 34,539 Less: Equity in losses (earnings) of unconsolidated entities (3) (13,115) (2,896) — — (16,011) Adjusted EBITDA $ 608,912 $ 671,252 $ (66,413) $ (22,829) $ 1,190,922 For the Year Ended December 31, 2024 ($s in thousands) Aviation Leasing Aerospace Products Corporate and Other Eliminations Total Net income (loss) attributable to shareholders from continuing operations $ 210,249 $ 346,346 $ (588,674) $ — $ (32,079) Add: Provision for (benefit from) income taxes 32,979 22,221 (49,713) — 5,487 Add: Equity-based compensation expense 584 309 5,113 — 6,006 Add: Acquisition and transaction expenses 9,740 4,906 17,650 — 32,296 Add: Gain on the modification or extinguishment of debt and preferred shares and capital lease obligations — — 25,099 — 25,099 Add: Changes in fair value of non-hedge derivative instruments — — — — — Add: Asset impairment charges 962 — — — 962 Add: Incentive allocations — — 7,456 — 7,456 Add: Depreciation & amortization expense (1) 245,464 6,630 9,937 — 262,031 Add: Interest expense and dividends on preferred shares — — 254,484 — 254,484 Add: Internalization fee to affiliate — — 300,000 — 300,000 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) (123) (1,769) — — (1,892) Less: Equity in losses (earnings) of unconsolidated entities (3) 207 1,993 — — 2,200 Adjusted EBITDA $ 500,062 $ 380,636 $ (18,648) $ — $ 862,050
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39 Notes to Non-GAAP Reconciliations - Adjusted EBITDA ($s in thousands) (1) Total Includes the following items for the three months ended December 31, 2025 and 2024: (i) depreciation and amortization expense of $55,721 and $54,678, (ii) lease intangible amortization of $817 and $4,117 and (iii) amortization for lease incentives of $9,182 and $8,852, respectively. Includes the following items for the year ended December 31, 2025 and 2024: (i) depreciation and amortization expense of $225,797 and $218,064, (ii) lease intangible amortization of $6,710 and $15,597 and (iii) amortization for lease incentives of $35,132 and $28,370, respectively. Aviation Leasing Includes the following items for the three months ended December 31, 2025 and 2024: (i) depreciation expense of $49,977 and $50,286, (ii) lease intangible amortization of $817 and $4,117 and (iii) amortization for lease incentives of $9,182 and $8,852, respectively. Includes the following items for the year ended December 31, 2025 and 2024: (i) depreciation expense of $205,687 and $201,497, (ii) lease intangible amortization of $6,710 and $15,597 and (iii) amortization for lease incentives of $35,132 and 28,370, respectively. (2) Total Includes the following items for the three months ended December 31, 2025 and 2024: (i) net income of $17,059 and net loss of $401, (ii) interest expense of $2,780 and $0, (iii) depreciation and amortization expense of $(2,145) and $56, (iv) acquisition and transaction expenses of $299 and $0, and (iv) tax expenses of $33 and $0, respectively. Includes the following items for the year ended December 31, 2025 and 2024: (i) net income of $16,011 and net loss of $2,200, (ii) interest expense of $6,899 and $0, (iii) depreciation and amortization expense of $10,932 and $308, (iv) acquisition and transaction expenses of $769 and $0, and (v) tax benefit of $72 and $0, respectively. Aviation Leasing Includes the following items for the three months ended December 31, 2025 and 2024: (i) net income of $15,757 and $0 (ii) interest expense of $2,780 and $0, (iii) depreciation and amortization of $(2,454) and $0 and (iv) acquisition and transaction expenses of $299 and $0, respectively. Includes the following items for the year ended December 31, 2025 and 2024: (i) net income of $13,115 and net loss of $207 (ii) interest expense of $6,899 and $0, (iii) depreciation and amortization of $9,978 and $84 and (iv) acquisition and transaction expenses of $769 and $0, respectively. Aerospace Products Includes the following items for the three months ended December 31, 2025 and 2024: (i) net income of $1,302 and net loss of $401, (ii) depreciation and amortization expense of $309 and $56, and (iii) tax expense of $33 and 0, respectively. Includes the following items for the year ended December 31, 2025 and 2024: (i) net income of $2,896 and net loss of $1,993, (ii) depreciation and amortization expense of $954 and $224, and (iii) tax benefit of $72 and 0, respectively.
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40 Notes to Non-GAAP Reconciliations - Adjusted EBITDA ($s in thousands) (3) Total Excludes the profit elimination of $7,036 for the three months ended December 31, 2025, respectively, for sales of aircraft to the 2025 Partnership, within the Aerospace segment. Excludes the profit elimination of $22,829 for the year ended December 31, 2025, respectively, for sales of aircraft to the 2025 Partnership, within the Aerospace segment.
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42 Glossary Adjusted EBITDA In addition to net income (loss), the chief operating decision maker (“CODM”) utilizes Adjusted EBITDA as a key performance measure. Adjusted EBITDA is not a financial measure in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). This performance measure provides the CODM with the information necessary to assess operational performance and make resource and allocation decisions. We believe Adjusted EBITDA is a useful metric for investors and analysts for similar purposes of assessing our operational performance. Adjusted EBITDA is defined as net income (loss) attributable to shareholders from continuing operations, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and preferred shares and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, dividends on preferred shares and interest expense, internalization fee to affiliate, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA, if any.