Slides
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Q3 2026 Earnings Supplement October 2026
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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 in corporated 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, actual results as compared to annualized or run-rate data, expectations, targets, projections, outlooks, or guidance regarding future potential Adjusted EBITDA, Adjusted EBITDA margin or Adjusted Free Cash Flow, ability to close on 2026 SPV f unding and fully deploy 2025 SPV committed capital, ability to successfully complete transactions for which we have letters of intent or "LOIs“ or are in or under contract, FTAI Power meeting Mod-1 delivery targets, timing and success for Mod-1 combined cycle test units, continuation of tight market and related trends for mid-life aircraft and engines, successfully executing expansion initiatives for our MRE business, growing MRE market share to 25%, ability to achieve capacity of 3,000 modules in the future, ability to meet annual module production outlooks, increases to FTAI global MRE capacity at full ramp, successful MRE capacit y expansion through initiatives and partnerships and collaborations, including but not limited to receiving the relevant permits, licenses, funding, launching future SCI SPVs on expected timeline or at all, 2026 SPV continuing fundraising with strong deployment, 2026 SPV following substantially the same investment strategy and structure as 2025 SPV, meeting 2027 annual target of 100 FTAI Power Mod -1s and related path to production, Mod-1 delivering 23MW-25MW, delivering and installing mobile mounted unit in 2 weeks, ability to execute on-site turbine exchanges within ~2 days, key test results translating to actual performance, scaling production of Mod-1s and deploying on schedule, combined cycle units adding 9MW to Mod-1s for 31-34 combined MWs, ability to meet business goals for Aerospace Products, Strategic Capital and FTAI Power, a bility to create value across FTAI's businesses, scale and lower cost, 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 meet production growth goals and targets and execute initiative s at the Company's owned and joint venture facilities globally, strengthen FTAI's leadership in MRE, cost reductions and savings from shop visits, 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 pro gram 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 s uch 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 go vern 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. Disclaimers 2
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3 Business Highlights 1. See End Notes (slide 24). Bracketed Q3 2026 figures are from the October 15 weekly and must be tied to the close and the pres s release. FTAI Overview Overview $149M Q3 2026 Net Income $348M Q3 2026 Adjusted EBITDA(1) • Q3 2026 Revenue growth of 47% and Adjusted EBITDA growth of 17% year- over-year(1) • Announced a $500 million Share Buyback program in September and completed the repurchase of $80 million of shares to date • Increased total share repurchase authorization to $1 billion • Reaffirmed FY26 and FY27 guidance(2) Aerospace Products $282M Q3 2026 Adjusted EBITDA(1) 31.0% Q3 2026 Adjusted EBITDA margin(3) • Adjusted EBITDA of $282 million in Q3 2026, up 57% versus $180M in Q3 2025 and 13% versus Q2 2026(1) • Adjusted EBITDA margin of 31% in Q3 2026(2) in-line with guidance of ~30%(2) • Global production of 311 CFM56 modules in Q3 2026, up 50% versus 207 in Q3 2025; 877 year-to-date toward the 1,200 outlook for 2026(2) Strategic Capital and Leasing 410 Aircraft Committed for SCI I & SCI II(4) $4.2B Invested Capital at September 30th(5) • 2025 SPV (SCI I) o 301 aircraft closed or under LOI(4) o 212 aircraft closed and ~$3.9 billion invested as of September 30th o 5.0% distribution paid in Q3, bringing year-to- date distributions to 17.5% of commitments • 2026 SPV (SCI II) o 109 aircraft closed or under LOI(4) o 10 aircraft closed and $271 million invested as of September 30th o $2.0B committed warehouse with $1.0B accordion closed in August • SCI I is expected to be substantially deployed by December 31st with approximately $6.0 billion of invested capital(4, 5) FTAI Power(2) 2.5+ GW Mod-1 Backlog • Completed the Mod-1's critical testing milestones, meeting its targets of 25MW for peak power and 23MW for continuous baseload power on both natural gas and liquid fuel • 100+ units under contract • Customer orders are for use at data center developments in the US and Canada and are for delivery in 2027 and 2028 • Entered into a joint venture to develop a mobile combined cycle add-on that increases Mod-1 output by 9MW and raises efficiency to above 50% with no additional fuel, emissions, or water; first test units expected in the second half of 2027 100+ Mod-1 Under Contract See Endnotes slides for footnote support.
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4 Q3 2026 Key Highlights FTAI Overview Strong Performance Driven by Differentiated Business Model USD MILLIONS Q3 2025 Q2 2026 Q3 2026 Aerospace Products(1) $180.4 $249.7 $282.4 Aviation Leasing(1) $134.4 $88.2 $104.0 Corporate & Other(1,3) $(17.4) $(34.4) $(38.1) Adjusted EBITDA(1) $297.4 $303.5 $348.3 Depreciation & Amortization $(67.9) $(52.1) $(49.2) Interest Expense $(60.8) $(64.1) $(65.1) Other Adjustments $(54.7) $(69.7) $(84.9) Net Income $114.0 $117.6 $149.1 Statement of Operations · $M $978M Revenue $348M Adjusted EBITDA(1) $149M Net Income $2.4B Liquidity 2.2x Net Debt / RR Adj. EBITDA(1,2) 1,000+ Engines Owned & Serviced Balance Sheet · $M · September 30, 2026 USD millions Q3 2025 Q2 2026 Q3 2026 Assets $4,240.2 $4,489.2 $4,806.3 Liabilities $3,987.7 $4,085.2 $4,373.0 Equity $252.5 $404.0 $433.3 See Endnotes slides for footnote support.
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5 Trends in Mid-Life Aircraft and Engines(1) 1. Forward-looking statement. Based on management's estimates; actual results may vary materially. Market Trends Mid-Life Supply Remains Tight and Airlines Increasingly Look for Liquidity and Financing Solutions for Aircraft and Engines Continued Tight Market for Mid-Life Aircraft and Engines1 • New Orders for 737 MAX and A320neo aircraft unavailable until 2032+ • LEAP and GTF engines still require significantly more maintenance than the CFM56 and V2500 • Strong demand from airlines for both lease extensions and to take additional mid-life aircraft Sale-Leaseback Interest Growing as Airlines Prioritize Liquidity2 • Higher oil prices are driving a stronger focus on liquidity management • An FTAI partnership covers engine maintenance, so it is both a liquidity lever and a cost-control mechanism • Creates opportunities for both Aerospace Products and Strategic Capital More Demand for Engine Financing Solutions3 • FTAI has started to offer financing solutions to airlines in partnership with institutional investors • Solutions include finance leases, operating leases and bespoke structures • Built-in customer financing solutions create an additional competitive advantage for FTAI vs. others • Increased flexibility while FTAI builds and sells the engine, and maintains the customer relationship
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01 Q3 Business Unit Update • Aerospace Products • Aviation Leasing (Strategic Capital) • FTAI Power
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Financial Highlights Aerospace Products Innovative maintenance solutions for the CFM56 and V2500 engines $910M Revenue in Q3 2026 76% growth versus $517.9 million in prior year 57% Year-over-year growth in Adjusted EBITDA(1) $282.4 million versus $180.4 million in Q3 2025 31% Adjusted EBITDA margin(2) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total revenue $517.9 $563.0 $743.8 $875.0 $910.0 Total expenses $(343.2) $(379.9) $(526.5) $(630.6) $(635.0) Other $(26.1) $(23.6) $(33.6) $(50.2) $(51.2) Net income attributable to shareholders $148.6 $159.5 $183.7 $194.2 $223.8 Adjusted EBITDA(1) $180.4 $195.0 $222.6 $249.7 $282.4 9% 10% 12% 14% 15% 25% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Target Market Share Growth(3) Statement of Operations ($M) 15% FTAI's current annualized market share (3) 7 (4) See Endnotes slides for footnote support.
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757 1,105 1,200 1,700 2025A Q3 2026 LTM 2026E 2027E Significant Momentum in 2026 Global Production See Endnotes slides for footnote support. Aerospace Products 8 Total capacity of 3,000 modules allows for ample production growth(4) Global CFM56 Module Production(1, 2) 311 Global CFM56 modules produced in Q3 2026 +50% Q3 2026 production vs. 207 in Q3 2025 877 Modules YTD toward 2026 outlook of 1,200 (3)
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02 Q3 Business Unit Update • Aerospace Products • Aviation Leasing (Strategic Capital) • FTAI Power
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10 Financial Highlights See Endnotes slides for footnote support. Aviation Leasing Continued Mix Shift Reflects Long-Term Focus on Strategic Capital Vehicles $104M up 18% from Q2 2026(1) Adj. EBITDA for Q3 2026 $54M up from $35.OM in Q2, including $7.4M servicing fees and $46.2M from 19% co- investment Strategic Capital Adj. EBITDA Contribution(1) $50M in line with the expected $30-$50M quarterly run rate as segment earnings will continue to shift further towards SCI Balance Sheet Leasing Contribution(1) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total revenue $149.2 $99.0 $86.9 $78.0 $67.7 Total expenses $(98.7) $(63.6) $(74.2) $(75.9) $(56.9) Other $(8.9) $10.9 $51.7(3) $18.8(3) $14.3 Net income attributable to shareholders $41.6 $46.3 $64.4 $20.9 $25.1 Adjusted EBITDA(1) $134.4 $113.2 $153.0 $88.2 $104.0 Key Highlights Statement of Operations ($M) • Strategic Capital Adj. EBITDA is now more than half of segment Adj. EBITDA with the strong ramp accelerating into the fourth quarter of 2026(1) • Balance sheet leasing is now at a levelized state as the shift to an asset-light leasing model is completed with $30-50 million target quarterly Adj. EBITDA run- rate going forward(1) • 2025 SPV is expected to close on substantially all 301 aircraft by 12/31/2026(2) • 2026 SPV is now actively investing as fundraising continues with strong deployment expected(2)
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SCI Has Raised $5.5B of Committed Warehouse Financing in Under Two Years 11 Strategic Capital Highlights(1) 1. Forward-looking statement. Based on management's estimates; actual results may vary materially. 2.There can be no assurance that any asset subject to a letter of intent will ultimately be acquired. 3. Invested Capital on Remaining Unrealized Assets. Strategic Capital and Aviation Leasing 2025 SPV (SCI I) Fully Committed: Distributions Quarterly 301 Aircraft committed(2) 212 Aircraft closed at 9/30 $3.9B Invested capital as of 9/30(3) Q3 2026 Highlights 1 Expect to close on substantially all 301 aircraft by December 31, 2026 – 212 closed at September 30th with the balance under LOI(2) 2 17.5% of commitments distributed in 2026 with an additional 5.0% planned December 31st 3 Strong realizations of airframes and engines when aircraft are redelivered supporting future cash distributions from the 2025 SPV 2026 SPV (SCI II) Started Investing in September: Fundraising On-Going 109 Aircraft committed(2) 10 Aircraft closed at 9/30 $271M Invested capital as of 9/30 as the vehicle started deploying in September(2) Q3 2026 Highlights 1 Started deploying capital – began closing aircraft acquisitions in September 2 Sale-leaseback activity rising as airlines seek liquidity in current market conditions 3 Substantially the same investment strategy and structure as the 2025 SPV $5.5B Warehouse financing raised in under two years 13 Lenders; ATLAS SP Partners and Deutsche Bank co-structuring +$1.0B Accordion available on the 2026 facility 400+ Aircraft committed across both SPVs(2)
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12 Aviation Leasing Highlights See Endnotes slides for footnote support. Strategic Capital and Aviation Leasing Portfolio as of September 30, 2026(1) ~$1.0B Net book value of balance sheet leasing assets 145 Engines on Balance Sheet 21 Aircraft on Balance Sheet Steady State Overview of Balance Sheet Leasing(2) $800M–$1.0B Leasing assets (net book value) 15–20% EBITDA yield on assets $120–$200M Annual Adjusted EBITDA $30–$50M Target Quarterly Adjusted EBITDA 4 What Balance Sheet Leasing is • Primarily consists of owned CFM56 and V2500 engines • Aircraft are minimal and all on-lease aircraft acquisitions are done through Strategic Capital vehicles • Steady state portfolio is expected to consist of approximately 150 to 200 engines (including engines on aircraft) Why it Matters Keeps Customers Flying Allows FTAI to assist customers that require immediate engine solutions that range from short-term to more permanent needs Balance Sheet Assets Aligned with Market Demand Leasing assets on balance sheet are now aligned with medium-term demand expectations from customers Strategic Capital Vehicles Drive Future Growth By focusing on accumulating assets in SCI partnership vehicles, FTAI will drive further leasing growth in a capital efficient manner
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03 Q3 Business Unit Update • Aerospace Products • Aviation Leasing (Strategic Capital) • FTAI Power
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$7 $12 $22 $25 $3 $3 $5 $9 $10 $15 $27 $34 Q1 2026 Q2 2026 Q3 2026 Q4 2026E R&D Opex 14 Financial Overview(1) 1. Forward looking statement. Based on management estimates; actual results, initial investment and timing of operations may var y. 2. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. FTAI Power Commercial Backlog 100+ units / 2.5+ GW Mod-1 Units Under Contract FTAI Power Start-Up Expenses by Quarter ($M) Q3 2026 Financial Highlights Production Inventory $484M Customer Deposits ($234M) Net Working Capital $250M Equipment and Tooling $50M Start-Up Expenses $86M Net Investment $386M • $450M - $750M adj. EBITDA(2) guidance reiterated for FY2027 • Invested $22M in non-recurring R&D supporting key Mod-1 testing milestones, plus $5M of operating expenses tied to the continued buildout of the FTAI Power team • Received $234M of customer deposits ahead of future deliveries, partially offsetting inventory investment for 2027 production units Projected FY2026E Net Investment
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15 Mod-1 Test Results(1) FTAI Power Successful Mod-1 Test Program Baseload rating (2) 23 MW Peak output (2) 25 MW Thermal efficiency 36% Key Test Results Emissions Completed liquid and natural gas emissions testing with tested NOx levels ~30% below comparable mobile aeroderivative gas turbines (3) Noise The package will meet industry-standard noise emissions for comparable mobile aeroderivative packages, with site-specific noise mitigation available as needed Operability Startup, shutdown and response testing completed: load steps, breaker trips, E-stops, hot/cold restarts Engine performance Engine performance met or exceeded predictions throughout testing Mod-1 test site, Miami, FL Two Fuels 1st Mod-1 on liquid fuel 2nd Mod-1 on natural gas 1. Forward looking statement. Based on management estimates; actual results may vary. 2. Gross turbine output, adjusted to ISO conditions: 59°F, 60% relative humidity, sea level. 3. Compared with mobile aeroderivative gas turbines with singular annular combustors.
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16 From Testing to Scale: The 2027 Mod-1 Production Ramp(1) FTAI Power Scalable Production Leveraging existing CFM56 maintenance infrastructure with annual capacity of 3,000 modules Inventory Synergy Drawing on existing CFM56 engine and aerospace parts inventory Rapidly Deployable Modular units shipped as complete packages to meet customer site buildout timing MOD-1 Projected Production Ramp 0 5 10 15 Up to 5 Units Per Month Initial Production Ramp 5-10 Units Per Month Scaled Production 10-15 Units Per Month Year-End Run Rate 1. Forward looking statement. Based on management estimates; actual results, initial investment and timing of operations may var y.
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17 Mod-1: Power in Weeks, Built to Scale with Low Cost Up-Time(1) FTAI Power Market is Going Pre-Built, Modular and Mobile • Capex and lead times are slowing data center builds and, as a result, the market is shifting towards modular and mobile builds • Major industry players are focused on modular, containerized AI solutions, ready to connect in a matter of weeks • Mod-1 is ideally suited to pair with containerized builds — modular power for modular compute 1 Speed 2 Scale 3 Cost • Equipment is the largest cost of behind- the-meter power • Continuous availability requires spare coverage and with one large turbine, the spare must be a second turbine of equal size • By providing 300 MW of power with twelve Mod-1 units, a single 25 MW spare provides N+1 redundancy • When a Mod-1 turbine needs repair, it is exchanged from FTAI’s engine pool in ~2 days versus a multi-month overhaul Illustrative Example: 300 MW Power with N+1 Redundancy One Large Turbine vs. Twelve Mod-1 Units One Large Turbine in service + an identical spare 300 MW in service 300 MW spare, idle Spare you buy: 300 MW, 100% of the load Time Down When Repairing 4–8 weeks Planned Full Overhaul can take months if parts are on order: 100% of output off Mod-1: 25 MW Units twelve in service + one spare 25 25 25 25 25 25 25 25 25 25 2525 25 Spare you buy: 25 MW, 8% of the load Time Down When Repairing (ie – Exchange) ~2 days Repair is Completed by Turbine Exchange from FTAI's pool: 8% of output off 1. Forward looking statement. Based on management estimates; actual results, initial investment and timing of operations may var y.
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18 FTAI Power and Industrom Launch Combined-Cycle Joint Venture(1) 1. This is a forward-looking statement. Based on management estimates; actual results may vary. See disclaimers at the beginning o f this presentation 2. Gross turbine output at ISO conditions combined with CC system output, shown for illustration; continuous baseload output will reflect actual site conditions. FTAI Power Offered as an option alongside planned simple-cycle Mod-1 deliveries Bringing to market the first mobile, trailer-mounted combined cycle system Target Applications Data centers Industrial facilities Oil and gas Microgrids Grid-limited sites 23 MW continuous baseload power 25 MW peak power(2) +9 MW 25 MW mobile aeroderivative turbine derived from the CFM56 engine Exhaust heat turned into power, using CO₂ instead of steam Key Advantages • Proprietary technology converts exhaust heat into electricity using CO₂ instead of steam • Achieves combined-cycle efficiency at simple- cycle economics and speed-to-power • Fully mobile platform commissions on-site in 14 days or less 50%+ thermal efficiency at simple-cycle economics and speed-to-power Zero additional fuel, emissions or water 2H 2027 first units expected to begin testing 32 – 34 MW combined output(2)
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Financial Update 04
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20 Capital Allocation Strategy(1) 1. Adjusted EBITDA and Net Debt / Adj. EBITDA are non-GAAP measures; see Reconciliation of Non-GAAP Measures in Appendix. Liquidity and leverage as of September 30, 2026. 2. See reconciliation of Cash Flow on page 21. 3. This is a forward-looking statement. See disclaimers at beginning of presentation. Based on management's estimates and may vary materially from actual results. Financial Update ~$1.4B 2026E Adjusted EBITDA(1) $644M 2026E Adjusted Free Cash Flow(2) (guidance) $2.4B Total liquidity incl. undrawn $2.025B revolver(1) 2.2x Net Debt / RR Adj. EBITDA(1); target 2.5x–3.0x(3) Invest for Growth Disciplined investments to expand capacity and enhance returns 1 • Working capital increases for growth • Accretive M&A in the aerospace aftermarket — targeted tuck-ins that expand margins or add capacity ahead of demand • Partnerships adding capacity and geographic reach Return Capital Delivering consistent shareholder returns 2 Share repurchase Dividend $0.50 per share, declared with Q3 2026 results 61 Consecutive quarterly dividends since inception $500M Original program authorized Sept 15, 2026 $500M Accelerated Share Repurchase
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21 2026 Adj. Free Cash Flow Update(1) See Endnotes slides for footnote support. Financial Update $1.4B Target Consolidated Adj. EBITDA excluding Power(2,3) $463M Total Projected Investment in New Growth Investments(3) Key Updates2026 Adj. Free Cash Flow Detail(1,3) $s in Millions - Rounded Q3 YTD Remainder Target Guidance Adj. EBITDA Aerospace Products $755 $295 $1,050 Aviation Leasing $345 $130 $475 Corporate & Other - excluding Power ($83) ($30) ($113) Consolidated Adj. EBITDA – excluding Power(4) $1,017 $395 $1,412 Aviation Leasing Asset Sales excl. gain $198 $141 $339 Net Interest Expense ($122) ($118) ($240) Working Capital & Other ($247) ($2) ($249) SCI Reconciliation to Cash Distributions ($27) ($33) ($60) SCI I Investment ($95) - ($95) Subtotal $724 $383 $1,107 New Growth Initiatives SCI II Investment ($20) ($20) ($40) FTAI Power Inventory Working Capital ($142) ($109) ($250) Facility Investments ($71) ($15) ($86) Power R&D and Start-Up Costs ($52) ($34) ($86) Subtotal ($285) ($178) ($463) Adjusted Free Cash Flow(1) $439 $205 $644 • Remain on-track to $1,525M Business segment Adj. EBITDA target • 2026 Adj. FCF before new growth initiatives target revised to $1,107M, down $61M, primarily reflecting incremental engine feedstock purchases Guidance Adjustments • SCI II made its first capital call in Q3 2026 as the vehicle commenced investing • FTAI Power inventory build to support targeted production of 100 units in 2027 includes partial offset of $234M in customer deposits • Major investments in equipment and tooling to expand volume capacity and capabilities including $50M for Power Growth Investments(3) $644M Target Adj. Free Cash Flow After New Growth Initiatives(2,3)$1.1B Target Adj. Free Cash Flow Before New Growth Initiatives(2,3)
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22 Capital Structure 1. This is a forward-looking statement. See disclaimers at beginning of presentation. Based on management's estimates and may vary materially from actual results. 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. 3. Run-Rate Adjusted EBITDA is defined as Q3’26 annualized. Financial Update Credit Leverage by Year 4.1x 3.9x 2.6x 2.2x 2023 2024 2025 Q3 2026 RR Pivot to Asset-Light Strategy Net Debt $2,426 $3,325 $3,149 $3,070 Adj. EBITDA(1) $597 $862 $1,191 $1,392 Ratio 4.1x 3.9x 2.6x 2.2x Q2 2026 Q3 2026 Total debt $3,453 $3,456 Less: cash $(337) $(386) Net debt $3,116 $3,070 Adj. EBITDA(1) $304 $348 Annualized 4x 4x RR Adj. EBITDA(1) $1,216 $1,392 Net debt / Adj. EBITDA(2) 2.6x 2.2x Net Debt / Adj. EBITDA(1) 2.2x Leverage multiple, below target range of 2.5x – 3.0x(1) Significant Growth in Adj. EBITDA(1) Generation Due to Operational Leverage BB Strong BB ratings across all the credit rating agencies (3)
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23 Corporate & Other Financial Update Substantial liquidity and low cost of capital to support sustained growth Statement of Operations · $M Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Total revenue $0.0 $0.0 $0.0 $0.0 $0.0 Total expenses ($24.2) ($39.6) ($59.6) ($51.8) ($66.9) Other ($48.1) ($47.3) ($44.4) ($39.1) ($29.6) Net loss ($72.3) ($86.9) ($104.0) ($90.9) ($96.5) Adjusted EBITDA(1) ($13.5) ($24.0) ($32.6) ($27.8) ($33.1) Corporate Debt · $M Q3 2025 Q2 2026 Q3 2026 Corporate revolver $0.0 $0.0 $0.0 Corporate bonds $3,500.0 $3,500.0 $3,500.0 Other(2) $(53.3) $(46.7) $(44.5) Total debt $3,446.7 $3,453.3 $3,455.5 $2.025B $2.025B revolver credit facility undrawn as of September 30, 2026 6.5% Weighted average cost of $3.5B Senior Notes 4.2 yrs Weighted average debt maturity of corporate bonds 2028 Earliest corporate bond maturity 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. Deferred financing costs and bond issuance premium & discount.
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05 Appendix
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25 End Notes Appendix Slide Footnote text 3: Business Highlights 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. 2. This is a forward-looking statement. See disclaimers at beginning of presentation. Based on management's estimates and may vary materially from actual results. 3. Adj. EBITDA margin defined as Adj. EBITDA divided by revenue. 4. There can be no assurance that any asset subject to a letter of intent will ultimately be acquired. 5. Invested Capital on Remaining Unrealized Assets. 4: Q3 2026 Key Highlights 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. 2. Run-Rate Adjusted EBITDA is defined as Q3'26 annualized. Refer to slide 21 for supporting calculation. 3. Includes eliminations of negative $3.9 million in Q3 2025, negative $6.6 million in Q2 2026 and negative $5.1 million in Q3 2026. 7: Aerospace Products 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. Adj. EBITDA margin defined as Adj. EBITDA divided by revenue. 3. Estimated annual maintenance spend on the CFM56 and V2500 engines approximately $25 billion, per Aviation Week. Market share of ~15% is derived by annualizing Q3 2026 Aerospace Products revenue of $910 million and dividing it by the estimated total annual maintenance spend. 4. This is a forward-looking statement. See disclaimers at beginning of presentation. Based on management's estimates and may vary materially from actual results. 8: Global production 1. 2025 production includes Q2 2025 Rome production as of signing in Q2 2025 and Q4 2025 Medley facility operations prior to December 2025 acquisition. 2. This is a forward-looking statement. See disclaimers at beginning of presentation. Based on management's estimates and may vary materially from actual results. 3. 2027E production includes FTAI’s portion of GMF AeroAsia and EgyptAir partnerships. 4. Annual capacity per year at full utilization includes GMF AeroAsia and EgyptAir slots. 10: Aviation Leasing and Strategic Capital 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. Based on management's estimates and may vary materially from actual results. 3. Includes $44.6 million and $5.0 million related to insurance recoveries in Q1 2026 and Q2 2026, respectively. 12: Aviation Leasing Highlights 1. Balance sheet leasing excludes Strategic Capital servicing fees and co-investment returns and insurance recoveries, which are also reported within the Aviation Leasing segment. 2. This is a forward-looking statement. Based on management estimates; actual results may vary. See disclaimers at the beginning of this presentation. Adjusted EBITDA is a Non-GAAP measure; see Reconciliation of Non-GAAP Measures in Appendix. EBITDA yield is annual Adjusted EBITDA divided by the net book value of balance sheet leasing assets. 21: 2026 Adj. Free Cash Flow Update 1. This is a Non-GAAP measure. Adjusted Free Cash Flow for the nine months ended September 30, 2026 is comprised of net cash used in operating activities of ($333.0) million, net cash provided by investing activities of $757.7 million plus adjustments for $14.4 million Investment in unconsolidated entities (which excludes the 2025 and 2026 SPVs) for the nine months ended September 30, 2026. 2. Q3 YTD Adj Free Cash Flow before New Growth Initiatives of $724 million is comprised of: i) Consolidated Adj. EBITDA excluding Power of $1,017.0 million (see note 4), ii) Aviation Leasing asset sales excluding gain of $198.3 million, comprised of Proceeds from sale of assets to the 2025 SPV – affiliate of $175.7 million and Asset sales revenue of $33.0 million offset by Aviation Leasing segment gain on sale of ($10.4) million, iii) Net interest expense of ($122.0) million, iv) Working capital & other of ($247.0) million, v) SCI reconciliation to cash distributions of ($26.7) million, comprised of the Aviation Leasing segment pro-rata share of Adjusted EBITDA from unconsolidated entities of ($94.0) million, offset by return of capital from unconsolidated entities of $67.4 million and vi) SCI I investment in the 2025 SPV of ($95.1) million. 3. This is a forward-looking statement. See disclaimers at beginning of presentation. 4. This is a Non-GAAP measure. Consolidated Adj. EBITDA - excluding Power of $1,017.0 million for the nine months ended September 30, 2026 is comprised of reported consolidated Adj. EBITDA of $984.8 million, excluding intra- segment eliminations of ($21.7) million and FTAI Power operating expenses within Corporate & Other of ($10.6) million.
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26 Statement of Operations by Segment (unaudited) · 3 months ended September 30, 2026 1. Includes the profit elimination of $(5,055) for the three months ended September 30, 2026 for sales to the SCI Partnerships within the Aerospace Products segment. 2. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. Appendix ($s in thousands) Aerospace Products Aviation Leasing Corporate and Other Eliminations Total Revenues $ 910,006 $ 67,651 $ — $ — $ 977,657 Expenses Cost of sales 618,007 5,814 — — 623,821 Operating expenses 11,913 12,479 37,935 — 62,327 Research and development — — 22,014 — 22,014 General and administrative — — 2,305 — 2,305 Acquisition and transaction expenses 124 1,374 3,532 — 5,030 Depreciation and amortization 4,942 37,242 1,111 — 43,295 Total expenses $ 634,986 $ 56,909 $ 66,897 $ — $ 758,792 Other income (expense) Interest expense — — (65,119) — (65,119) Equity in earnings (losses) of unconsolidated entities (1) 1,431 20,557 — (5,055) 16,933 Gain on sale to the 2025 Partnership -affiliate — — — — — Other (expense) income (54) 2,222 — — 2,168 Total other income (expense) $ 1,377 $ 22,779 $ (65,119) $ (5,055) $ (46,018) Income (loss) before income taxes 276,397 33,521 (132,016) (5,055) 172,847 Provision for (benefit from) income taxes 50,883 8,373 (37,017) — 22,239 Net income (loss) $ 225,514 $ 25,148 $ (94,999) $ (5,055) $ 150,608 Less: Dividends on preferred shares — — 1,544 — 1,544 Net income (loss) attributable to shareholders $ 225,514 $ 25,148 $ (96,543) $ (5,055) $ 149,064 Adjusted EBITDA(2) $ 282,379 $ 104,043 $ (33,072) $ (5,055) $ 348,295
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27 Statement of Operations by Segment (unaudited) · 3 months ended September 30, 2025 1. Includes the profit elimination of $(3,908) for the three months ended September 30, 2025 for sales to the 2025 Partnership w ithin the Aerospace Products segment. 2. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. Appendix ($s in thousands) Aerospace Products Aviation Leasing Corporate and Other Eliminations Total Revenues $ 517,869 $ 149,195 $ — $ — $ 667,064 Expenses Cost of sales 328,153 34,769 — — 362,922 Operating expenses 10,545 10,146 18,401 — 39,092 General and administrative — — 1,829 — 1,829 Acquisition and transaction expenses 599 3,571 2,896 — 7,066 Depreciation and amortization 3,930 50,226 1,122 — 55,278 Total expenses $ 343,227 $ 98,712 $ 24,248 $ — $ 466,187 Other income (expense) Interest expense — — (60,784) — (60,784) Equity in earnings (losses) of unconsolidated entities (1) 767 (1,083) — (3,908) (4,224) Gain on sale to the 2025 Partnership -affiliate — 4,609 — — 4,609 Other income — 2,103 1,467 — 3,570 Total other income (expense) $ 767 $ 5,629 $ (59,317) $ (3,908) $ (56,829) Income (loss) before income taxes 175,409 56,112 (83,565) (3,908) 144,048 Provision for (benefit from) income taxes 26,815 14,500 (14,985) — 26,330 Net income (loss) $ 148,594 $ 41,612 $ (68,580) $ (3,908) $ 117,718 Less: Dividends on preferred shares — — 3,709 — 3,709 Net income (loss) attributable to shareholders $ 148,594 $ 41,612 $ (72,289) $ (3,908) $ 114,009 Adjusted EBITDA(2) $ 180,421 $ 134,408 $ (13,540) $ (3,908) $ 297,381
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28 Statement of Operations by Segment (unaudited) · 9 months ended September 30, 2026 1. Includes the profit elimination of $(21,652) for the nine months ended September 30, 2026 for sales to the SCI Partnerships w ithin the Aerospace Products segment. 2. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. Appendix ($s in thousands) Aerospace Products Aviation Leasing Corporate and Other Eliminations Total Revenues $ 2,528,849 $ 232,590 $ — $ — $ 2,761,439 Expenses Cost of sales 1,743,548 40,323 — — 1,783,871 Operating expenses 33,749 34,539 107,146 — 175,434 Research and development — — 41,461 — 41,461 General and administrative — — 6,963 — 6,963 Acquisition and transaction expenses 253 7,408 19,429 — 27,090 Depreciation and amortization 14,523 124,712 3,335 — 142,570 Total expenses $ 1,792,073 $ 206,982 $ 178,334 $ — $ 2,177,389 Other income (expense) Interest expense — — (190,628) — (190,628) Equity in earnings (losses) of unconsolidated entities (1) 1,209 44,983 — (21,652) 24,540 Gain on sale to the 2025 Partnership -affiliate — 17,633 — — 17,633 Other income 58 56,698 568 — 57,324 Total other income (expense) $ 1,267 $ 119,314 $ (190,060) $ (21,652) $ (91,131) Income (loss) before income taxes 738,043 144,922 (368,394) (21,652) 492,919 Provision for (benefit from) income taxes 134,550 34,470 (89,702) — 79,318 Net income (loss) $ 603,493 $ 110,452 $ (278,692) $ (21,652) $ 413,601 Less: Dividends on preferred shares — — 8,962 — 8,962 Less: Loss on redemption of preferred shares — — 3,800 — 3,800 Net income (loss) attributable to shareholders $ 603,493 $ 110,452 $ (291,454) $ (21,652) $ 400,839 Adjusted EBITDA(2) $ 754,671 $ 345,212 $ (93,468) $ (21,652) $ 984,763
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29 Statement of Operations by Segment (unaudited) · 9 months ended September 30, 2025 1. Includes the profit elimination of $(15,793) for the nine months ended September 30, 2025 for sales to the 2025 Partnership w ithin the Aerospace Products segment. 2. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. Appendix ($s in thousands) Aerospace Products Aviation Leasing Corporate and Other Eliminations Total Revenues $ 1,373,203 $ 472,174 $ 4 $ — $ 1,845,381 Expenses Cost of sales 874,377 106,517 — — 980,894 Operating expenses 25,221 28,661 51,976 — 105,858 General and administrative — — 7,387 — 7,387 Acquisition and transaction expenses 3,145 7,053 8,649 — 18,847 Depreciation and amortization 11,218 155,710 3,148 — 170,076 Total expenses $ 913,961 $ 297,941 $ 71,160 $ — $ 1,283,062 Other income (expense) Interest expense — — (186,789) — (186,789) Equity in earnings (losses) of unconsolidated entities (1) 1,594 (2,642) — (15,793) (16,841) Gain on sale to the 2025 Partnership -affiliate — 50,083 — — 50,083 Other income — 61,696 2,101 — 63,797 Total other income (expense) $ 1,594 $ 109,137 $ (184,688) $ (15,793) $ (89,750) Income (loss) before income taxes 460,836 283,370 (255,844) (15,793) 472,569 Provision for (benefit from) income taxes 72,017 58,301 (43,251) — 87,067 Net income (loss) $ 388,819 $ 225,069 $ (212,593) $ (15,793) $ 385,502 Less: Dividends on preferred shares — — 13,533 — 13,533 Less: Loss on redemption of preferred shares — — 6,327 — 6,327 Net income (loss) attributable to shareholders $ 388,819 $ 225,069 $ (232,453) $ (15,793) $ 365,642 Adjusted EBITDA(2) $ 476,230 $ 495,700 $ (42,393) $ (15,793) $ 913,744
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30 Comparative Statements of Operations (unaudited) · Consolidated 1. Includes servicing fees of $3,035, $4,515, $5,861, $6,988 and $4,704 for the three months ended September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026 and September 30, 2026, respectively, from the SCI Partnerships. 2. Includes profit eliminations of $(3,908), $(7,036), $(10,000), $(6,597) and $(5,055) for the three months ended September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026 and September 30, 2026, respectively, for sales to the SCI Partnerships within the Aerospace Products segment. 3. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure. Appendix ($s in thousands) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Revenues Aerospace products revenue $ 459,206 $ 456,139 $ 522,585 $ 692,229 $ 780,598 MRE contract revenue -affiliate 58,663 106,902 221,230 182,799 129,408 Lease income 55,072 49,259 39,892 27,765 25,281 Maintenance revenue 52,370 43,418 30,599 25,793 27,292 Asset sales revenue 38,461 1,630 10,184 16,925 5,886 Other revenue (1) 3,292 4,680 6,207 7,574 9,192 Total revenues $ 667,064 $ 662,028 $ 830,697 $ 953,085 $ 977,657 Expenses Cost of sales 362,922 368,825 524,268 635,782 623,821 Operating expenses 39,092 44,420 57,641 55,466 62,327 Research and development — 2,263 7,346 12,101 22,014 General and administrative 1,829 2,091 2,413 2,245 2,305 Acquisition and transaction expenses 7,066 9,740 16,361 5,699 5,030 Depreciation and amortization 55,278 55,721 52,289 46,986 43,295 Total expenses $ 466,187 $ 483,060 $ 660,318 $ 758,279 $ 758,792 Other (expense) income Interest expense (60,784) (60,962) (61,407) (64,102) (65,119) Equity in (losses) earnings of unconsolidated entities (2) (4,224) 10,023 (2,363) 9,970 16,933 Gain on sale to the 2025 Partnership -affiliate 4,609 (3,703) 15,168 2,465 — Other income 3,570 9,789 47,582 7,574 2,168 Total other expense $ (56,829) $ (44,853) $ (1,020) $ (44,093) $ (46,018) Net income before income taxes 144,048 134,115 169,359 150,713 172,847 Provision for income taxes 26,330 18,553 31,460 25,619 22,239 Net income 117,718 115,562 137,899 125,094 150,608 Less: Dividends on preferred shares 3,709 3,710 3,709 3,709 1,544 Less: Loss on redemption of preferred shares — — — 3,800 — Net income attributable to shareholders $ 114,009 $ 111,852 $ 134,190 $ 117,585 $ 149,064 Adjusted EBITDA (3) $ 297,381 $ 277,178 $ 332,923 $ 303,545 $ 348,295
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31 Comparative Statements of Operations (unaudited) · Aerospace Products 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. Appendix ($s in thousands) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Revenues Aerospace products revenue $ 459,206 $ 456,139 $ 522,585 $ 692,229 $ 780,598 MRE contract revenue -affiliate 58,663 106,902 221,230 182,799 129,408 Total revenues $ 517,869 $ 563,041 $ 743,815 $ 875,028 $ 910,006 Expenses Cost of sales 328,153 365,991 511,012 614,529 618,007 Operating expenses 10,545 9,293 10,839 10,997 11,913 Acquisition and transaction expenses 599 53 (15) 144 124 Depreciation and amortization 3,930 4,546 4,678 4,903 4,942 Total expenses $ 343,227 $ 379,883 $ 526,514 $ 630,573 $ 634,986 Other income (expense) Equity in earnings (losses) of unconsolidated entities 767 1,302 (40) (182) 1,431 Other income (loss) — 5,441 171 (59) (54) Total other income (loss) $ 767 $ 6,743 $ 131 $ (241) $ 1,377 Net income before income taxes 175,409 189,901 217,432 244,214 276,397 Provision for income taxes 26,815 30,374 33,697 49,970 50,883 Net income attributable to shareholders $ 148,594 $ 159,527 $ 183,735 $ 194,244 $ 225,514 Adjusted EBITDA (1) $ 180,421 $ 195,022 $ 222,576 $ 249,716 $ 282,379
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32 Comparative Statements of Operations (unaudited) · Aviation Leasing 1. Includes servicing fees of $3,035, $4,515, $5,861, $6,988 and $4,704 for the three months ended September 30, 2025, December 31, 2025, March 31, 2026, June 30, 2026 and September 30, 2026, respectively, from the SCI Partnerships. 2. This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the mot comparable GAAP measure. Appendix ($s in thousands) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Revenues Lease income $ 55,072 $ 49,259 $ 39,892 $ 27,765 $ 25,281 Maintenance revenue 52,370 43,418 30,599 25,793 27,292 Asset sales revenue 38,461 1,630 10,184 16,925 5,886 Other revenue (1) 3,292 4,680 6,207 7,574 9,192 Total revenues $ 149,195 $ 98,987 $ 86,882 $ 78,057 $ 67,651 Expenses Cost of sales 34,769 2,834 13,256 21,253 5,814 Operating expenses 10,146 8,646 10,275 11,785 12,479 Acquisition and transaction expenses 3,571 2,129 4,186 1,848 1,374 Depreciation and amortization 50,226 49,977 46,485 40,985 37,242 Total expenses $ 98,712 $ 63,586 $ 74,202 $ 75,871 $ 56,909 Other income Equity in (losses) earnings of unconsolidated entities (1,083) 15,757 7,677 16,749 20,557 Gain (loss) on sale to the 2025 Partnership –affiliate 4,609 (3,703) 15,168 2,465 — Other income 2,103 2,759 47,239 7,237 2,222 Total other income $ 5,629 $ 14,813 $ 70,084 $ 26,451 $ 22,779 Net income before income taxes 56,112 50,214 82,764 28,637 33,521 Provision for income taxes 14,500 3,931 18,326 7,771 8,373 Net income attributable to shareholders $ 41,612 $ 46,283 $ 64,438 $ 20,866 $ 25,148 Adjusted EBITDA (2) $ 134,408 $ 113,212 $ 152,959 $ 88,210 $ 104,043
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33 Comparative Statements of Operations (unaudited) · Corporate and Other 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. Appendix ($s in thousands) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 Revenues Lease income $ — $ — $ — $ — $ — Other revenue — — — — — Total revenues $ — $ — $ — $ — $ — Expenses Operating expenses 18,401 26,481 36,527 32,684 37,935 General and Administrative 1,829 2,091 2,413 2,245 2,305 Research and development — 2,263 7,346 12,101 22,014 Acquisition and transaction expenses 2,896 7,558 12,190 3,707 3,532 Depreciation and amortization 1,122 1,198 1,126 1,098 1,111 Total expenses $ 24,248 $ 39,591 $ 59,602 $ 51,835 $ 66,897 Other (expense) income Interest expense (60,784) (60,962) (61,407) (64,102) (65,119) Other income 1,467 1,589 172 396 — Total other expense $ (59,317) $ (59,373) $ (61,235) $ (63,706) $ (65,119) Net loss before income taxes (83,565) (98,964) (120,837) (115,541) (132,016) Benefit from income taxes (14,985) (15,752) (20,563) (32,122) (37,017) Net loss $ (68,580) $ (83,212) $ (100,274) $ (83,419) $ (94,999) Less: Dividends on preferred shares 3,709 3,710 3,709 3,709 1,544 Less: Loss on redemption of preferred shares — — — 3,800 — Net loss attributable to shareholders $ (72,289) $ (86,922) $ (103,983) $ (90,928) $ (96,543) Adjusted EBITDA (1) $ (13,540) $ (24,020) $ (32,612) $ (27,784) $ (33,072)
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34 Condensed Balance Sheets 1. Includes accounts receivable from the SCI Partnerships of $10,951 and $47,294 and receivables from the SCI Partnerships of $3 ,086 and $20,681 as of September 30, 2026 and December 31, 2025, respectively. Appendix ($s in thousands) September 30, 2026 December 31, 2025 Gross Property, Plant and Equipment (PP&E) $ 220,073 $ 145,206 Accumulated Depreciation on PP&E (39,302) (25,138) Net PP&E $ 180,771 $ 120,068 Gross Leasing Equipment 1,389,689 2,057,624 Accumulated Depreciation on Leasing Equipment (354,650) (511,820) Net Leasing Equipment $ 1,035,039 $ 1,545,804 Inventory, net 1,932,298 1,193,773 Assets held for sale — — Intangible Assets, net 12,478 19,929 Goodwill 94,221 94,221 All Other Assets(1) 1,551,524 1,399,963 Total Assets $ 4,806,331 $ 4,373,758 Debt, net 3,455,515 3,448,891 All Other Liabilities 917,460 590,693 Total Liabilities $ 4,372,975 $ 4,039,584 Total Shareholders’ equity $ 433,356 $ 334,174 Total Liabilities and Equity $ 4,806,331 $ 4,373,758
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35 Adjusted EBITDA Reconciliation by Segment (unaudited) Appendix For the Three Months Ended September 30, 2026 ($s in thousands) Aerospace Products Aviation Leasing Corporate and Other Eliminations Total Net income (loss) attributable to shareholders $ 225,514 $ 25,148 $ (96,543) $ (5,055) $ 149,064 Add: Provision for (benefit from) income taxes 50,883 8,373 (37,017) — 22,239 Add: Equity-based compensation expense 238 361 7,168 — 7,767 Add: Acquisition and transaction expenses 124 1,374 3,532 — 5,030 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) 4,942 43,130 1,111 — 49,183 Add: Interest expense and dividends on preferred shares — — 66,663 — 66,663 Add: Internalization fee to affiliate — — — — — Add: FTAI Power pre-commercial research and development (2) — — 22,014 — 22,014 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (3) 2,109 46,214 — — 48,323 Less: Equity in (earnings) losses of unconsolidated entities (4) (1,431) (20,557) — — (21,988) Adjusted EBITDA $ 282,379 $ 104,043 $ (33,072) $ (5,055) $ 348,295 For the Three Months Ended September 30, 2025 ($s in thousands) Aerospace Products Aviation Leasing Corporate and Other Eliminations Total Net income (loss) attributable to shareholders $ 148,594 $ 41,612 $ (72,289) $ (3,908) $ 114,009 Add: Provision for (benefit from) income taxes 26,815 14,500 (14,985) — 26,330 Add: Equity-based compensation expense 168 264 5,223 — 5,655 Add: Acquisition and transaction expenses 599 3,571 2,896 — 7,066 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) 3,930 62,803 1,122 — 67,855 Add: Interest expense and dividends on preferred shares — — 64,493 — 64,493 Add: Internalization fee to affiliate — — — — — Add: FTAI Power pre-commercial research and development (2) — — — — — Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (3) 1,082 10,575 — — 11,657 Less: Equity in (earnings) losses of unconsolidated entities (4) (767) 1,083 — — 316 Adjusted EBITDA $ 180,421 $ 134,408 $ (13,540) $ (3,908) $ 297,381
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36 Adjusted EBITDA Reconciliation by Segment (unaudited) Appendix For the Nine Months Ended September 30, 2026 ($s in thousands) Aerospace Products Aviation Leasing Corporate and Other Eliminations Total Net income (loss) attributable to shareholders $ 603,493 $ 110,452 $ (291,454) $ (21,652) $ 400,839 Add: Provision for (benefit from) income taxes 134,550 34,470 (89,702) — 79,318 Add: Equity-based compensation expense 488 886 20,072 — 21,446 Add: Acquisition and transaction expenses 253 7,408 19,429 — 27,090 Add: Gain on the modification or extinguishment of debt and preferred shares and capital lease obligations — — 3,800 — 3,800 Add: Changes in fair value of non-hedge derivative instruments — — — — — Add: Asset impairment charges — — — — — Add: Incentive allocations — — — — — Add: Depreciation & amortization expense (1) 14,523 142,956 3,335 — 160,814 Add: Interest expense and dividends on preferred shares — — 199,591 — 199,591 Add: Internalization fee to affiliate — — — — — Add: FTAI Power pre-commercial research and development (2) — — 41,461 — 41,461 Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (3) 2,573 94,023 — — 96,596 Less: Equity in (earnings) losses of unconsolidated entities (4) (1,209) (44,983) — — (46,192) Adjusted EBITDA $ 754,671 $ 345,212 $ (93,468) $ (21,652) $ 984,763 For the Nine Months Ended September 30, 2025 ($s in thousands) Aerospace Products Aviation Leasing Corporate and Other Eliminations Total Net income (loss) attributable to shareholders $ 388,819 $ 225,069 $ (232,453) $ (15,793) $ 365,642 Add: Provision for (benefit from) income taxes 72,017 58,301 (43,251) — 87,067 Add: Equity-based compensation expense 491 703 14,865 — 16,059 Add: Acquisition and transaction expenses 3,145 7,053 8,649 — 18,847 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) 11,218 187,553 3,148 — 201,919 Add: Interest expense and dividends on preferred shares — — 200,322 — 200,322 Add: Internalization fee to affiliate — — — — — Add: FTAI Power pre-commercial research and development (2) — — — — — Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (3) 2,134 14,379 — — 16,513 Less: Equity in (earnings) losses of unconsolidated entities (4) (1,594) 2,642 — — 1,048 Adjusted EBITDA $ 476,230 $ 495,700 $ (42,393) $ (15,793) $ 913,744
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37 Notes to Non-GAAP Reconciliations - Adjusted EBITDA Appendix ($s in thousands) (1) Total Includes the following items for the three months ended September 30, 2026 and 2025: (i) depreciation and amortization expense of $43,295 and $55,278, (ii) lease intangible amortization of $(242) and $534 and (iii) amortization for lease incentives of $6,130 and $12,043, respectively. Includes the following items for the nine months ended September 30, 2026 and 2025: (i) depreciation and amortization expense of $142,570 and $170,076, (ii) lease intangible amortization of $6 and $5,893 and (iii) amortization for lease incentives of $18,238 and $25,950, respectively. Aviation Leasing Includes the following items for the three months ended September 30, 2026 and 2025: (i) depreciation expense of $37,242 and $50,226, (ii) lease intangible amortization of $(242) and $534 and (iii) amortization for lease incentives of $6,130 and $12,043, respectively. Includes the following items for the nine months ended September 30, 2026 and 2025: (i) depreciation expense of $124,712 and $155,710, (ii) lease intangible amortization of $6 and $5,893 and (iii) amortization for lease incentives of $18,238 and 25,950, respectively. (2) Corporate and Other, Total Represents non-recurring research and development costs incurred for the design and testing related to the development of FTAI Power's aeroderivative turbine that has not yet been commercially launched and has not generated revenue. (3) Total Includes the following items for the three months ended September 30, 2026 and 2025: (i) net income of $21,988 and net loss of $316, (ii) interest expense of $7,359 and $2,629, (iii) depreciation and amortization expense of $18,969 and $9,449, and (iv) tax expense of $7 and benefit of $105, respectively. Includes the following items for the nine months ended September 30, 2026 and 2025: (i) net income of $46,192 and net loss of $1,048, (ii) interest expense of $16,626 and $4,119, (iii) depreciation and amortization expense of $33,716 and $13,077, (iv) acquisition and transaction expenses of $0 and $470, and (v) tax expense of $62 and tax benefit $105, respectively.
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38 Notes to Non-GAAP Reconciliations - Adjusted EBITDA Appendix ($s in thousands) Aerospace Products Includes the following items for the three months ended September 30, 2026 and 2025: (i) net income of $1,431 and $767, (ii) depreciation and amortization expense of $671 and $420, and (iii) tax expense of $7 and benefit of $105, respectively. Includes the following items for the nine months ended September 30, 2026 and 2025: (i) net income of $1,209 and $1,594, (ii) depreciation and amortization expense of $1,302 and $645, and (iii) tax expense of $62 and benefit of $105, respectively. Aviation Leasing Includes the following items for the three months ended September 30, 2026 and 2025: (i) net income of $20,557 and net loss of $1,083 (ii) interest expense of $7,359 and $2,629, (iii) depreciation and amortization expense of $18,298 and $9,029, respectively. Includes the following items for the nine months ended September 30, 2026 and 2025: (i) net income of $44,983 and net loss of $2,642 (ii) interest expense of $16,626 and $4,119, (iii) depreciation and amortization of $32,414 and $12,432 and (iv) acquisition and transaction expenses of $0 and $470, respectively. (4) Total Excludes the profit elimination of $5,055 and $3,908 for the three months ended September 30, 2026 and 2025, respectively, for sales to the SCI Partnerships. Excludes the profit elimination of $21,652 and $15,793 for the nine months ended September 30, 2026 and 2025, respectively, for sales to the SCI Partnerships.
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39 Glossary Appendix Adjusted EBITDA In addition to net income (loss), the Chief Operating Decision Maker (“CODM”), who is the Company’s Chief Executive Officer, 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, 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, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense and dividends on preferred shares, internalization fee to affiliate, FTAI Power pre-commercial research and development (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, if any. 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.